The company will continue to operate under its current name and concepts, formats, and brands.
Fomento Economico Mexicano (FEMSA) will expand its Oxxo convenience store business by taking them to Europe, after purchasing the Swiss firm Valora for 1.2 billion US dollars, which has a large presence in the European continent.
“The agreement establishes the intention that, once the offer is completed, Valora will accelerate the development of European markets as the retail subsidiary of the proximity division of Femsa (Oxxo) in Europe,” the company said.
According to Femsa, Valora’s headquarters will remain in Muttenz, Switzerland.
The company will continue to operate under its current name and concepts, formats, and brands, which are well established in accordance with the current company management team’s plans for expansion and operations.
According to the general director of Femsa, Daniel Rodriguez, after creating a network of stores and experience in logistics in Latin America during the last four decades, they had sought a platform to grow and develop their business in markets outside the region.
The agreement establishes the intention that, once the offer is completed, the European firm will accelerate the development of the markets in that continent, as the retail subsidiary of Femsa’s proximity division.
Source: El Universal