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Chilean retailer SACI Falabella (FALABELLA.SN) will issue American Depositary Receipts and enter the Mexican market in 2012, newspaper Diario Financiero reported Monday without citing sources.
Falabella, with a market capitalization of nearly $24 billion, is one of the largest retailers in the region, operating stores in Chile, Colombia, Peru and Argentina.
According to Diario Financiero, Falabella was looking to enter either Brazil or Mexico. The Chilean retailer opted for Mexico, with 100 million inhabitants and space for a new competitor. Falabella will compete there against Wal-Mart de Mexico SAB de CV (WMMVY, WALMEX.MX) and Sears Holdings Corp. (SHLD).
Falabella is following competitor Cencosud SA's (CENCOSUD.SN) footsteps, as Cencosud recently announced plans to list in the U.S. to increase its investor base.
Cencosud has focused its growth strategy on the Brazil market through a series of acquisitions in recent years.
-By Graciela Ibanez, Dow Jones Newswires; 56-2-715-8929; firstname.lastname@example.org