Mexican bottler Arca buys stake in Peru's Lindley

Latin America's No. 2 Coke bottler, Arca Continental, on Thursday said it agreed to buy close to half of Peru's Corporacion Lindley to strengthen its position in South America.

Mexico's Arca said it paid US$760 million for a 47.52 percent stake in family-run Lindley.

The Peruvian company in turn agreed to buy shares worth US$400 million that Arca will issue as part of a capital increase, pending regulators' and shareholders' approval.

Arca shares rose 1.84 percent to 96.74 pesos on Thursday.