October 5, 2004- Santiago, Chile.
Quiñenco S.A. (LQ:NYSE) reported to the Chilean Superintendency of Securities and Insurance (SVS) today that it had completed the acquisition of 68,489,407 shares of Almacenes Paris, one of Chile’s largest retail department store chains.
Quiñenco and its wholly-owned subsidiary, Inversiones Rio Azul S.A., acquired 100% of Nahuel S.A., direct owner of the 68,489,407 Almacenes Paris shares. The terms and conditions of the share purchase did not vary from those reported on August 18, 2004. As of this same date, Inversiones Rio Azul S.A., Inmobiliaria Cerro Verde S.A., Lemoniz S.A. and Consorcio Financieros S.A. entered into an agreement (Convenio de Cesión de Acciones), which grants rights of first refusal, among other things, for future share acquisitions or disposals of the shares now held.
The shares were acquired for Ch$514 per share, which amounted to Ch$35,204 million (equivalent to approximately US$58.3 million at today’s observed exchange rate of $603.47= 1 US$). Following the acquisition, Quiñenco and its wholly-owned subsidiary hold an 11.41% interest in Almacenes Paris
Quiñenco S.A., a leading Chilean business conglomerate, is the controlling entity of a portfolio of companies involved in financial services, food and beverage, telecommunications and manufacturing.