Mexico-based supermarket chain Controladora Comercial Mexicana SAB or Comerci said it had held talks with potential acquirers for a sale of the business, a development that has fueled the largest rise of its stock in four months, Bloomberg reported. In 2008, Comerci defaulted on its debt.

In a statement filed with the Mexican Stock Exchange, Comerci said the non-binding discussions were done with both local and overseas firms. The company's shares gained 4.2% to MXN 52.19 today in Mexico trading, the biggest since September last year. At this price, the supermarket's market capitalization is pegged at MXN 62.1 billion or $4.7 billion, the report said.

From the time Comerci filed for bankruptcy in October 2008, its shares have risen 24-fold, the report said. Banco Ve Por Mas SA Analyst Juan Elizalde told Bloomberg in an interview that what Comerci offers to potential buyes is its increasing dominance in the gourmet supermarket segment under its City Market brand which has proven itself resilient to the slowdown felt in the economy.

In a telephone interview, he said, "They've been focusing more on the middle and upper-class segment, and it's been working well for them." Information from the company website showed that sales in stores that had been open for at least a year has grown 2.3% in the third quarter of last year as opposed to the 2.5% decline for companies that are being monitored by the retail association in the country, the report said.

Mexico's second largest supermarket operator, Organizacion Soriana SAB, and another rival, Grupo Comercial Chedraui SAB said Comerci has become prohibitively expensive because of the gain in its shares.

Soriana Chief Financial Officer Aurelio Adan told Bloomberg in a phone interview, "There's a big element of speculation in the value of the shares, and that makes it unviable." He added that he is not interested in acquiring Comerci.