(Alliance News) - Inchcape PLC - London-based automotive distributor - Says all conditions for its acquisition of Derco have been met. Derco is an automotive distributor in Latin America with operations in Chile, Peru, Colombia, and Bolivia. Inchcape shareholders approved the proposed acquisition last Friday, and it received receipt of merger control approval by the Peruvian authorities on Thursday this week. Inchcape expects the acquisition to take place before the end of the year.
"The combination with Derco is a transformative and unique opportunity to accelerate our global distribution business," Chief Executive Duncan Tait says.
"In addition to delivering substantial shareholder value, the acquisition will provide exciting opportunities for our colleagues, original equipment manufacturer partners, dealers and consumers, and is another great example of Inchcape's 'accelerate' strategy in action."
Current stock price: 811.50 pence, down 0.9% on Friday morning in London.
12-month change: down 9.0%
By Jaskeet Briah, Alliance News reporter
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Inchcape (INCH)