Falabella and Distribucion y Servicio (DYS) Announce Merger Agreement
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The controllers of Falabella and Distribucion y Servicio S.A. (NYSE: DYS) approved the merger of both companies and their respective business areas -- department stores, supermarkets, home improvement, financial retail services and shopping centers -- thus creating a new multinational retail company that will pursue stronger growth in international markets and will leverage synergies at the local market.
Stake in the new conglomerate Falabella-D&S will be 77% for current Falabella shareholders and 23% for D&S's shareholders. These percentages result from the exchange ratio agreed upon by the controllers of both companies and reflect the relative value allocated by each party to the total equity of both companies. The two companies together will add up to a market capitalization of over US$15 billion.
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