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Mexico's Grupo Carso to launch Sanborns share buyback

Reuters
Updated

MEXICO CITY, July 26 (Reuters) - Mexico's Grupo Carso, controlled by the family of billionaire Carlos Slim, will begin the process of buying all shares of Mexican retail department store chain Sanborns, the company announced in a statement on Tuesday.

Carso said Sanborns stock will be purchased for 26 pesos ($1.27) per share, in a plan the group's shareholders approved on Monday, according to the statement.

($1 = 20.4539 Mexican pesos) (Reporting by Carolina Pulice and Kylie Madry; Editing by David Alire Garcia)