MEXICO CITY, Jan 9 (Reuters) - Mexican tycoon Ricardo Salinas Pliego is thoroughly analyzing the business of Circuit City Stores Inc, the troubled U.S. electronics chain in which he holds a 28 percent stake, a spokesman for the businessman told Reuters on Friday.
Salinas, owner of a retail and media empire in Mexico and other Latin American countries, became the biggest holder of Circuit City (CCTYQ.PK) late in 2008, when the company filed for Chapter 11 bankruptcy protection, hurt by tighter credit terms from vendors and weaker consumer spending.
Luis Nino de Rivera, a spokesman for Salinas' business group, said Salinas has complete freedom under U.S. regulations and laws to buy 100 percent of Circuit City.
But he declined to comment on whether the Mexican businessman was one of two parties in deal talks with Circuit City to either buy the electronics chain or provide additional financing.
After purchasing the big stake in Circuit City, Salinas agreed with the U.S. company not to buy more shares without notifying management and U.S. authorities first, the spokesman said.
In exchange, Salinas was granted full access to Circuit City books and other business information.
"Great strides have been made," Nino de Rivera said. "We have sent experts there and have kept tight, intense talks with the company." (Reporting by Cyntia Barrera Diaz, editing by Matthew Lewis
|