Alejandro Char, mayor of the Colombian coastal city Barranquilla, dismissed rumors that the Colombian Olimpica supermarket chain was in negotiations with U.S. retail giant Walmart.
Contradicting earlier reports, Char issued a statement Monday denying any kind of agreement.
“As we have on previous occasions made clear to the public securities market, Olimpica has not reported any negotiations with the U.S. network,” he said.
Rumors of a deal between the two companies have been flying around since 2008, mainly based on statements issued by other members of the Char family, according to Deal Watch.
Char said that an analysis had been carried out by Swiss investment bank, Credit Suisse, to assess potential growth for the company, but had ended without reaching any binding results.
The mayor and retail boss said that any new developments in the growth of the company would be announced as they were secured.
Olimpica saw profits of nearly COP63 million in 2009 as national demand recovered.
The Barranquilla-based chain of drugstores, supermarkets and hypermarkets was founded in Colombia in 1953, and has branches in more than 50 cities across the country.