Wal-Mart expects to complete takeover of Chinese supermarket operator Trust-Mart by January, says delay in deal's completion not due to resignation of senior VPs of its China business
May 26, 2011
– Bentonville, Arkansas-based Wal-Mart Stores Inc. expects to complete its takeover of Chinese supermarket operator Trust-Mart by January at the end of Wal-Mart’s fiscal year, Bloomberg reported May 23.
The closing had been delayed until May 2011 last December pending the fulfillment of certain contract conditions.
Wal-Mart bought a 35% stake in the chain in 2007, at which time Wal-Mart speculated it might take full ownership in 2010.
According to Bloomberg, Wal-Mart denied that a delay in completion of the deal was due to the resignation of senior vice presidents of its China business, CFO Roland Lawrence and COO Rob Cissell.
As of April, Wal-Mart had over 300 outlets generating a total of US$7.5 billion in sales in China. That number comprises 1.8% of the company's total $420 billion in 2010, according to Scott Price, the company's CEO for Asia.
The primary source of this article is Bloomberg, New York, New York, on May 23, 2011.