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

LOS ANGELES , 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.

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.