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Why Colombian Stock Almacenes Exito Just Rocketed 32%

TheMotleyFool

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Why Colombian Stock Almacenes Exito Just Rocketed 32%: https://g.foolcdn.com/editorial/images/751132/map-of-colombia-under-a-magnifying-glass-in-flags-colors.jpg

Shares of Colombian retailer Almacenes Exito SA (NYSE: EXTO) surged 32.5% through 11 a.m. ET on Monday after Reuters reported that its parent company, French supermarket chain Casino, is selling its stake to yet a third retail company -- El Salvador's Grupo Calleja.

And to make this story even more complicated and less intelligible to investors, according to S&P Global Market Intelligence, Grupo Calleja has an entirely different corporate name -- "Super Selectos El Salvador."

So what's really going on?

Source Fool.com