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OFFERING CIRCULAR Grupo Comercial Chedraui, S.A.B. de C.V. 133,793,545 Shares ________________________________________________________ Offering Price: Ps. 34.00 per Share We are offering 119,385,898 shares of our Series B, Class I shares of common stock (the “Shares”) and the selling shareholder is offering 14,407,647 of our Shares in a combined offering consisting of (a) an initial public offering of 60,207,095 Shares in Mexico to the general public and (b) an international offering of 73,586,450 Shares in the United States to qualified institutional buyers as defined under Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) in transactions exempt from registration thereunder and in other countries outside of Mexico to certain non-U.S. persons in reliance on Regulation S under the Securities Act. Shares being offered in the combined offering may be reallocated among the Mexican offering and the international offering. See “Plan of Distribution.” The initial purchasers and the Mexican underwriters have options, exercisable for 30 days from the date of this offering circular, to purchase, up to 20,069,032 Shares from us to cover over-allotments, if any. See “Plan of Distribution.” No public market currently exists for the Shares. We have applied to register the Shares in Mexico with the Registro Nacional de Valores (the “RNV”) maintained by the Comisión Nacional Bancaria y de Valores (the “CNBV”) and to list the Shares for trading on the Bolsa Mexicana de Valores, S.A.B de C.V. (the “BMV”) under the symbol “CHDRAUI”. The registration of the Shares in the RNV is expected to be obtained on or before the closing of the Global Offering as required under the Ley del Mercado de Valores (the “Mexican Securities Market Law”). Registration of the Shares in the RNV does not imply any certification as to the investment quality of the Shares, our solvency or the accuracy or completeness of the information contained in this offering circular and such registration does not ratify or validate acts or omissions, if any, undertaken in contravention of applicable law. Investing in the Shares involves risks. See “Risk Factors” beginning on page 16. The Shares have not been and will not be registered under the Securities Act. The Shares may not be offered and sold within the United States or to U.S. persons, except to qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act and to certain non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act. You are hereby notified that sellers of the Shares may be relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. See “Transfer Restrictions” for a description of the restrictions regarding the purchase and transfer of the Shares. Delivery of the Shares in book-entry form will be made on or about May 5, 2010, through the book-entry system of S.D. Indeval Institución para el Depósito de Valores, S.A. de C.V. (“Indeval”) in Mexico City, Mexico. Sole Global Coordinator Citi Joint Bookrunners Citi Credit Suisse The date of this offering circular is April 29, 2010. TABLE OF CONTENTS NOTICE TO INVESTORS................................... ii SELECTED CONSOLIDATED FINANCIAL NOTICE TO NEW HAMPSHIRE RESIDENTS ....... iii INFORMATION........................................... 39 SERVICE OF PROCESS AND ENFORCEMENT OF MANAGEMENT’S DISCUSSION AND CIVIL LIABILITIES ....................................... iv ANALYSIS OF FINANCIAL CONDITION AND AVAILABLE INFORMATION............................. iv RESULTS OF OPERATIONS ......................... 42 FORWARD-LOOKING STATEMENTS ................ v BUSINESS .................................................... 62 PRESENTATION OF CERTAIN FINANCIAL MANAGEMENT ............................................ 94 INFORMATION............................................. vii PRINCIPAL AND SELLING SHAREHOLDERS... 99 GLOSSARY OF TERMS AND DEFINITIONS ........ ix RELATED PARTY TRANSACTIONS................ 100 SUMMARY ...................................................... 1 DESCRIPTION OF OUR CAPITAL STOCK AND THE GLOBAL OFFERING ................................. 9 BYLAWS ................................................... 101 SUMMARY FINANCIAL DATA.......................... 12 TAXATION ................................................... 107 RISK FACTORS................................................ 16 PLAN OF DISTRIBUTION............................... 112 USE OF PROCEEDS .......................................... 27 TRANSFER RESTRICTIONS ........................... 117 CAPITALIZATION ............................................ 28 VALIDITY OF THE SHARES........................... 118 DILUTION ....................................................... 29 INDEPENDENT AUDITORS ............................ 119 DIVIDENDS AND DIVIDEND POLICY................ 30 INDEX TO CONSOLIDATED FINANCIAL EXCHANGE RATES.......................................... 31 STATEMENTS ............................................ F-1 THE MEXICAN SECURITIES MARKET.............. 32 ANNEX A— UNAUDITED INTERIM FINANCIAL INFORMATION........................................... A-1 ANNEX B—SIGNIFICANT DIFFERENCES BETWEEN MEXICAN FRS AND IFRS......... B-1 You should rely only on the information contained in this offering circular. We have not authorized anyone to provide you with information that is different. This offering circular may only be used where it is legal to sell these Shares. The information in this document may only be accurate as of the date on the front cover of this offering circular. We are not making an offer of these Shares in any jurisdiction where such an offer is not permitted. THIS OFFERING CIRCULAR IS SOLELY THE RESPONSIBILITY OF GRUPO COMERCIAL CHEDRAUI, S.A.B. DE C.V. AND HAS NOT BEEN REVIEWED OR AUTHORIZED BY THE CNBV. APPLICATION HAS BEEN MADE TO REGISTER THE SHARES IN MEXICO WITH THE RNV MAINTAINED BY THE CNBV, WHICH IS A REQUIREMENT UNDER THE MEXICAN SECURITIES MARKET LAW. SUCH REGISTRATION IS EXPECTED TO BE OBTAINED ON OR BEFORE THE CLOSING OF THE GLOBAL OFFERING, AND DOES NOT IMPLY ANY CERTIFICATION AS TO THE INVESTMENT QUALITY OF THE SHARES, OUR SOLVENCY OR THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED IN THIS OFFERING CIRCULAR AND SUCH REGISTRATION DOES NOT RATIFY OR VALIDATE ACTS OR OMISSIONS, IF ANY, UNDERTAKEN IN CONTRAVENTION OF APPLICABLE LAW. IN MAKING AN INVESTMENT DECISION, ALL INVESTORS, INCLUDING ANY MEXICAN CITIZEN WHO MAY ACQUIRE SHARES FROM TIME TO TIME, MUST RELY ON THEIR OWN EXAMINATION OF GRUPO COMERCIAL CHEDRAUI, S.A.B. DE C.V. i NOTICE TO INVESTORS The Mexican offering is being made in the United Mexican States (“Mexico”) pursuant to a prospectus in Spanish with the same date as this offering circular. The Mexican prospectus, which has been filed with and will be reviewed and approved by the CNBV, and this offering circular contain substantially the same information, in all material respects, except that the Mexican prospectus includes other information required by regulation in Mexico. The international offering is being made in the United States and elsewhere outside Mexico solely on the basis of information contained herein. We are relying upon an exemption from registration under the Securities Act for an offer and sale of securities that do not involve a public offering. By purchasing the Shares, you will be deemed to have made the acknowledgments, representations and agreements described under “Transfer Restrictions” in this offering circular. We are not, and the initial purchasers and selling shareholder are not, making an offer to sell the Shares in any jurisdiction except where such an offer or sale is permitted. You should understand that you will be required to bear the financial risks of your investment for an indefinite period of time. We have submitted this offering circular solely to a limited number of institutional investors in the United States and to certain investors outside the United States and Mexico so that they can consider a purchase of the Shares. We have not authorized the use of this offering circular for any other purpose. This offering circular may not be copied or reproduced in whole or in part. This offering circular may be distributed and its contents disclosed only to prospective investors to whom it is provided. By accepting delivery of this offering circular, you agree to these restrictions. See “Transfer Restrictions.” This offering circular is based on information provided by us and other sources that we believe to be reliable. We, the initial purchasers and the selling shareholder cannot assure you that this information is accurate or complete. This offering circular summarizes certain documents and other information and we refer you to them for a more complete understanding of what we discuss in this offering circular. We are not making any representation to any purchaser regarding the legality of an investment in the Shares by such purchaser under any legal investment or similar laws or regulations. You should not consider any information in this offering circular to be legal, financial, business or tax advice. You should consult your own counsel, accountant, business advisor and tax advisor for legal, financial, business and tax advice regarding any investment in the Shares. We reserve the right to withdraw this offering of the Shares at any time and we and the initial purchasers reserve the right to reject any commitment to subscribe for the