According to a statement to La Prensa Libre, Walter Vega, commercial vice president of Megasuper, stated "... this acquisition will primarily benefit the corporation because it will facilitate access to technologies, operating practices and knowledge of the industry, considering Olympic operates with French Carrefour and Casino ...”.
The Superintendence of Competition in El Salvador has ruled that the transaction does not classify as monopolistic concentration.
Europa SA, the third largest supermarket chain in El Salvador after Walmart and the Guatemalan Hiper Paiz, had closed the store last week, which was ranked as Central America's largest when opened in 1998.
The Colombian company, Olímpica, owner of Megasúper, is to invest in remodelling its chain of stores.
Wálter Vega, Megasúper commercial vice-president, has stated that the company has already invested $20 million in improving 10 of its supermarkets and during the remainder of 2011 will target a further $10 million to revamp other stores.
Certain chains are drowning out competition by making huge investments in opening new stores or by buying up other businesses in Costa Rica.
Gessa - owner of Peri, Jumbo, and Supercompro- announced this week its acquisition of Saretto supermarket, located in Escazu. The goal: to break into the premium products segment (gourmet imported), Saretto’s strong point, Guillermo Aguilar, general manager of the corporation, said to Nacion.com.
The challenge seeks to reverse authorization given for the US company Cargill to take over Pipasa.
Nicaragua's institute for protecting consumer rights presented the challenge, arguing that if the merger goes ahead, the resulting company will control 61% of the Nicaraguan poultry market, enabling it to undercut its competitors and force them out of the market, after which nothing would stop it from increasing prices at will.
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