Mexico's Femsa to buy Chile pharmacy chain Cruz Verde for US$1 bln

Mexican retail group Femsa is close to sealing an agreement to buy privately owned Chilean pharmacy chain Cruz Verde for about US$1 billion, Chilean newspaper Pulso reported on Thursday.

Talks are in the final stretch, and the deal is expected to be announced on Thursday or Friday, coinciding with a visit by Chilean President Michelle Bachelet to Mexico, the newspaper said, citing a source with knowledge of the situation.

Cruz Verde is the South American country's largest pharmaceutical chain, with more than 590 branches, according to its website. It is family-run and was founded in the 1980s.

Femsa owns the Oxxo chain of convenience stores and Latin America's largest Coke bottler, Coca-Cola Femsa. It also operates around 600 pharmacies in Mexico through its YZA and Moderna brands.