Mexico City, Dec 26 - Mexico's competition watchdog and shareholders in retailer Soriana have approved the company's $1.35 billion takeover of its rival Gigante, Soriana said on Wednesday.
Soriana, Mexico's No. 2 retailer, said earlier this month it was buying 199 stores from Gigante, the fourth-largest player in Mexican retail.
Soriana also will buy seven outlets in Los Angeles from Gigante, tapping the U.S. market for the first time. Gigante's shareholders voted to back the deal at a meeting on Monday.
Soriana said it received approval for the takeover from Mexico's Federal Competition Commission on Dec. 20.
With the acquisitions, Soriana will approach the scale of market leader Wal-Mart de Mexico (Walmex) and will gain more negotiating power with suppliers.