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KOF - FEMSA Makes A Cautious Entry Into The Brazilian C-Store Market
Coca Cola Femsa S.A.B. de C.V.
Investors have been expecting two things from FEMSA (FMX) for some time – entry into the fragmented Brazilian convenience store (or c-store) market and deployment of some of the company’s sizable cash pile towards growth. While the agreement between FEMSA and Cosan (CZZ) announced on Aug 6 achieves the first one (at least in part), it doesn’t really impact the second expectation to any meaningful extent.
On balance, the JV with Cosan is a reasonable strategic move. While the nature of Cosan’s c-store business isn’t going to allow FEMSA to just