July 18 (Bloomberg) -- Grupo Nutresa SA, Colombia’s largest publicly traded food company, rallied after agreeing to pay $758 million for Tresmontes Lucchetti SA.
The shares increased 1.1 percent to 24,880 pesos at 2:30 p.m. in Bogota, the highest level since June 18 on a closing basis. The Colcap Index gained 0.4 percent.
The Medellin-based maker of Zenu cold cuts and Jet chocolates said today in a regulatory filing that the acquisition would give it nine production plants in Chile and distribution in Mexico. The deal is expected to close by October, according to the filing. Tresmontes Lucchetti, a Santiago food company, filed a plan in March for an initial public offering.
“We want to point out the contribution to profit it will have,” Nutresa’s Chief Executive Officer Carlos Enrique Piedrahita said in the filing. The purchase “will contribute key elements like our entry to the Chilean market.”
Nutresa said it would meet a 10-year goal of tripling sales earlier than its 2015 target. Tresmontes Lucchetti posted revenue of $440 million last year, compared with Nutresa’s 5.3 trillion pesos ($2.8 billion).
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