Wal-Mart to Buy Chinese Supercenter Chain: Report
BENTONVILLE, Ark. - Wal-Mart Stores, Inc. has reportedly agreed to buy a Chinese supercenter chain for about $1 billion. If the deal goes through, it would leave Wal-Mart with the biggest food and department store network in China.
Wal-Mart is looking to buy 100 Chinese supercenters owned by Trust-Mart, a closely held Taiwanese company, according to the Wall Street Journal, which cited unnamed people familiar with the deal.
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The agreement, which would have to be approved by Chinese regulators, would place Wal-Mart ahead of Carrefour SA in terms of the most supercenters in China.
Wal-Mart currently has about 60 stores in China.
Wal-Mart is looking to buy 100 Chinese supercenters owned by Trust-Mart, a closely held Taiwanese company, according to the Wall Street Journal, which cited unnamed people familiar with the deal.
(Story continues below.)
The agreement, which would have to be approved by Chinese regulators, would place Wal-Mart ahead of Carrefour SA in terms of the most supercenters in China.
Wal-Mart currently has about 60 stores in China.