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GRUPO GIGANTE COMPLETES PURCHASE OF 80.17 PERCENT OF BLANES EQUITY; BEGINS OFFER TO PURCHASE PUBLICLY HELD SHARES

 MEXICO CITY, March 12 /PRNewswire/ -- Grupo Gigante, S.A. de C.V., one of Mexico's largest retailers, today announced that it has acquired 80.17 percent of the stockholders' equity of Blanes, S.A. de C.V. The cash transaction was completed at a price of 0.283 new pesos per share. As a result of this transaction, Grupo Gigante now owns shares representing 93.62 percent of the capital stock of Blanes. At the time of Gigante's initial investment, Blanes operated 89 self-service stores in 41 cities across Mexico.
 Commenting on the purchase, Angel Losada Gomez, chairman and chief executive officer of Grupo Gigante, said: "Completing this transaction marks a major milestone in the history of Grupo Gigante. The acquisition of the Blanes assets, which we have managed since signing our agreement to purchase in May, has allowed the group to continue its nationwide expansion program. Since May, we have incorporated 31 former Blanco stores into Gigante operations, opened 28 Bodegas Gigante, and added one SuperMart store in former Blanco locations. We will continue making renovations and other improvements in these and other Gigante locations this year."
 Grupo Gigante also announced that it has initiated today in Mexico a public offer to purchase the remaining 6.38 percent of the capital stock of Blanes at a cash price of 0.610 new pesos per share.
 -0- 3/12/93
 /CONTACT: Juan Carlos Mateos of Grupo Gigante, 52-5-724-8369, or John McInerney of Dewe Rogerson, 212-688-6840, for Grupo Gigante/


CO: Grupo Gigante S.A. de C.V. ST: IN: SU: TNM

AH-CK -- NY035 -- 5510 03/12/93 12:44 EST
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Publication:PR Newswire
Date:Mar 12, 1993
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