NexTV Africa & Middle East

Complete News World

Can Oxxo Stores Reach Europe?  - Metro World News

Can Oxxo Stores Reach Europe? – Metro World News

The good news in the business world is in the hands of Fomento Economico Mexicano (FEMSA), which announced on Tuesday its plans to Expand the proximity section of Oxxo stores to Europe. The idea is to focus and invest in Valora Holding AG, up to $1.2 billion.

Valora Holding AG is a convenience food (convenience store) platform in Switzerland, Germany and other European countries, she said. Finance.

“The agreement sets the intent that, once the offer is complete, Valora will accelerate the development of European markets as the retail subsidiary of FEMSA’s proximity division in Europe,” said the statement issued to the Mexican Stock Exchange (BMV), the broker quoted.

What does this negotiation mean?

With this growth towards other markets, in the medium term, we will talk about the generation of new sources of employment, as well as the strong presence of FEMSA in thriving and competitive markets such as Switzerland or Germany.

It was learned that the negotiations will be funded entirely from FEMSA’s cash reserves. Valora Holding AG will remain in Muttenz (BL), Switzerland, and will continue to operate under its current name, concepts, formats and brands.

“Valora has an excellent reputation in the international food and leisure services markets, with cutting-edge and innovative formats in high-traffic locations, and we look forward to expanding this strategy with the continued support of Valora’s managers, who along with the entire Valora team will play a key role in our plans for the future of this company,” Daniel Rodriguez Coffrey, CEO of FEMSA, explained.

See also  Deer park. AMLO asks workers after taking control: 'We shouldn't suffer losses'

specific weight

FEMSA is the largest bottling company by volume in the global Coca-Cola system, and the second largest shareholder of the prestigious Heineken beer. This has allowed it to build excellent business relationships with mass consumption companies in the world, so they can maintain their expansion plans.

“We are now uniting with Valora to become one of Europe’s leading convenience and dining platforms, catering to the needs of increasingly mobile and digital customers,” added Carlos Arenas, CEO of FEMSA’s Proximity Division.

“Valora has the knowledge, experience, network, operational and cultural understanding necessary to rapidly and sustainably expand into different European markets, while we bring our proven experience to scale growth, and the opportunity to share best practices through cross-fertilization,” Arenas noted.

For Sasha Zahnd, CEO of Valora, the deal will allow the company to operate as a retail subsidiary in Europe within the Proximity division of FEMSA.

The Mexican packaging company covers a world of more than 266 million people in nine countries, has 20,500 Oxxo stores in Mexico, Chile, Colombia and Peru, as well as more than 320,000 employees in its various business units in 13 countries.

Related content

Mexican group Femsa left behind ‘red numbers’ and made 1,238 million euros in 2021

Femsa results in the first quarter of the year, in charts