Favorita of Peru buys Panama's supermarkets Rey

Control of El Rey, one of Panama’s leading supermarket chains, has passed into the hands of Peru’s leading retailer.

The surprise announcement came  when  Rey Holdings Corp. the major shareholder revealed  that it has reached an agreement with Corporación Favorita for the sale of a controlling interest in Grupo Rey.

The price per share is $8.58  and the acquisition will be executed through a public offering in the Panama Stock Exchange, where Corporación Favorita will commit to acquiring at least 60 percent of the common shares of Grupo Rey.