Filipino retailing company Robinsons Retail Holdings Inc has wrapped up its 18 billion pesos ($343 million) purchase of Rustans Supercenters Inc., a grocery chain operator and a subsidiary of Netherlands’ Mulgrave Corporation B.V.
Under the transaction, Robinsons Retail bought Rustans via a share for share swap involving its shares in exchange for 191 million primary common shares of Rustans.
The transaction, in which Robinsons acquired stake from Mulgrave Corporation, was approved by the respective boards of Robinsons Retail and Mulgrave Corporation.
The transaction, which will give Robinsons Retail 100 percent stake in Rustans.