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AMSTERDAM - Dutch retail giant Royal Ahold NV today said it will bid for the remaining outstanding shares of Chilean supermarket company Santa Isabel SA, Dow Jones news wire reports.
The tender offer represents a total value of around $50 million, Ahold spokesman Nick Gale said. Ahold owns 69.7 percent of Santa Isabel.
The bid for Santa Isabel comes after Ahold bought out its partner in Disco Ahold International Holdings, its former Latin American joint venture with Velox Retail Holdings. Disco owned around 70 percent of Santa Isabel.
Chilean law requires that if you own more than 66 percent of a company, you have to launch a tender offer for the remaining outstanding shares, Gale explained.