SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2024
FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.
(Exact name of Registrant as specified in its charter)
Mexican Economic Development, Inc.
(Translation of Registrant’s name into English)
United Mexican States
(Jurisdiction of incorporation or organization)
General Anaya No. 601 Pte.
Colonia Bella Vista
Monterrey, Nuevo León 64410
México
(Address of principal executive offices)
Indicate by check mark whether the registrant
files or will file annual reports
under cover of Form 20-F or Form 40-F:
Form 20-F x
Form 40-F ¨
Indicate by check mark if the registrant is submitting
the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting
the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): ¨
Indicate by check mark whether by furnishing the
information contained in this
Form, the registrant is also thereby furnishing
the information to the
Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes ¨
No x
If "Yes" is marked, indicate below the
file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ¨
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf of the
undersigned, thereunto
duly authorized.
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FOMENTO ECONÓMICO MEXICANO, S.A. DE C.V. |
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By: |
/s/ Martin Felipe Arias Yaniz |
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Martin Felipe Arias Yaniz |
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Director of Finance and Corporate Development |
Date: August, 01, 2024
Exhibit 99.1
FEMSA to enter the Convenience
Store Industry in the United States
Monterrey, Mexico, August 1, 2024 — Fomento
Económico Mexicano, S.A.B. de C.V. (“FEMSA” or the “Company”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced
today that it has entered into definitive agreements with Delek US Holdings, Inc. (“Delek”) (NYSE: DK), to acquire Delek’s
retail operations, consisting of 249 convenience stores located mainly in Texas, for a total amount of US$385 million dollars on a cash-free,
debt-free basis, including the purchase of inventories.
Delek’s Retail Assets
Delek is a downstream energy company, with a focus
on petroleum refining; its retail operations are being carved out for this transaction. Operating under the DK brand, approximately 90%
of Delek’s convenience stores are in the state of Texas, with the remaining sites located mostly in New Mexico and a small presence
in Arkansas. Almost all stores have a gas station under the DK and Alon fuel banners; the transaction also includes a small fuel transportation
fleet.
Transaction Rationale
With a total addressable market of more than US$850
billion, over 150,000 locations, and significant fragmentation, the US convenience and mobility market is attractive for operators with
the right capabilities and sufficient scale. For FEMSA, this market offers high strategic fit, and presents an opportunity to build a
platform that, over time, has the potential to achieve scale and create shareholder value. The Delek stores have the right set of attributes
to be FEMSA’s first step on this journey, in terms of size, geographical footprint, and possibilities for extensive experimentation,
testing, and fine-tuning of the Company’s convenience value proposition.
Through OXXO, FEMSA has built considerable experience
and expertise developing core retail capabilities for store expansion, procurement, supply chain, segmentation, and pricing, and these
capabilities will be invaluable as the Company launches and pursues its US convenience strategy. While the strategy is ultimately broader
than any single region or target demographic, the appeal of the OXXO brand may be relevant in certain markets served by the DK stores.
José Antonio Fernández Garza-Lagüera,
CEO of FEMSA’s retail operations, commented:
“At FEMSA, we have a long-held ambition
to enter the US convenience and mobility industry, and this transaction represents the ideal way for us to take our first step in this
compelling market. We have been building and expanding our retail operation in Mexico for over 45 years, eventually reaching ten other
countries in South America and Europe, and a store base of more than 30,000 locations. As we welcome our new DK colleagues into the FEMSA
family, we are excited to embark on this new and important journey together.”
Avigal Soreq, President, and Chief Executive Officer
of Delek, said, “The sale of Delek US Retail to FEMSA is an incremental step in our commitment to unlock the sum of the parts
value inherent in our system. We are pleased with this transaction and expect to execute on additional steps to unlock value for our stakeholders.
Importantly, it allows us to gain a competitive partner for ongoing and expanded retail fuel sales. We look forward to building on this
partnership with FEMSA in both the short and long-term. The transaction creates an exciting opportunity for Delek US Retail and its employees
as they become part of FEMSA’s growth strategy in the United States.”
The transaction is subject to customary regulatory
approvals and is expected to close during the second half of 2024.
###
Investor Contact
(52) 818-328-6000
investor@femsa.com.mx
femsa.gcs-web.com |
Media Contact
(52) 555-249-6843
comunicacion@femsa.com.mx
femsa.com |
August
1, 2024 | Page 1 |
About FEMSA
FEMSA is a company that creates economic and social
value through companies and institutions and strives to be the best employer and neighbor to the communities in which it operates. It
participates in the retail industry through a Proximity Americas Division operating OXXO, a small-format store chain, and other related
retail formats, and Proximity Europe which includes Valora, our European retail unit which operates convenience and foodvenience formats.
In the retail industry it also participates though a Health Division, which includes drugstores and related activities and Digital@FEMSA,
which includes Spin by OXXO and Spin Premia, among other digital financial services initiatives. In the beverage industry, it participates
through Coca-Cola FEMSA, the largest franchise bottler of Coca-Cola products in the world by volume. Across its business units, FEMSA
has more than 392,000 employees in 18 countries. FEMSA is a member of the Dow Jones Sustainability MILA Pacific Alliance, the FTSE4Good
Emerging Index and the Mexican Stock Exchange Sustainability Index: S&P/BMV Total México ESG, among other indexes that evaluate
its sustainability performance.
About Delek US Holdings, Inc.
Delek US Holdings, Inc. is a diversified downstream
energy company with assets in petroleum refining, logistics, pipelines, renewable fuels and convenience store retailing. The refining
assets consist primarily of refineries operated in Tyler and Big Spring, Texas, El Dorado, Arkansas and Krotz Springs, Louisiana with
a combined nameplate crude throughput capacity of 302,000 barrels per day. Pipeline assets include an ownership interest in the 650-mile
Wink to Webster long-haul crude oil pipeline. The convenience store retail segment operates approximately 250 convenience stores in West
Texas and New Mexico.
The logistics operations include Delek Logistics
Partners, LP (NYSE: DKL). Delek Logistics Partners, LP is a growth-oriented master limited partnership focused on owning and operating
midstream energy infrastructure assets. Delek US Holdings, Inc. and its subsidiaries owned approximately 72.6% (including the general
partner interest) of Delek Logistics Partners, LP as of June 30, 2024.
Investor Contact
(52) 818-328-6000
investor@femsa.com.mx
femsa.gcs-web.com |
Media Contact
(52) 555-249-6843
comunicacion@femsa.com.mx
femsa.com |
August
1, 2024 | Page 2 |
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