Home China Headline Wal-Mart buys retailer stake

Wal-Mart buys retailer stake

Wal-Mart Stores Inc announced plans yesterday to buy a 35 percent stake in a company that runs the Trust-Mart chain stores in China, the latest acquisition bid by overseas retailers looking to take a larger share of China's rapidly growing retail market. The world's biggest retailer eventually wants to own a controlling interest in Taiwan-based Bounteous Co, which operates 101 Trust-Mart stores in 34 cities across China, Wal-Mart said in a statement yesterday without providing financial details. Talks between the two companies have been going on for at least a year. Wal-Mart offered around US$1 billion last October to buy Bounteous in a completion that involved Carrefour SA, Britain's Tesco PLC and Shanghai-based Lianhua Supermarkets, according to media reports. Wal-Mart operates 73 stores in 36 cities in China. The deal would enable it to more than double its hypermarkets, outnumbering French rival Carrefour, which has 90 hypermarts and more than 1,000 supermarkets. Trackback(0) TrackBack URI for this entry Comments (0) Subscribe to this comment's feed Show/Hide comments Write comment Show/Hide comment form Name Email Website Title Comment Write the displayed characters Add Comment Copyright 2007. All Rights Reserved.

 

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