Wal-Mart Wins Round in Court
SAN JUAN, Puerto Rico - A federal judge Thursday upheld an order preventing Puerto Rico's government from blocking Wal-Mart's recent acquisition of a local supermarket chain.
Officials in Puerto Rico have said Wal-Mart's purchase of Supermercados Amigo, reportedly worth $225 million, violates the island's antitrust laws and runs contrary to the best interests of consumers, business owners and distributors.
The Federal Trade Commission has validated the purchase.
Although U.S. District Court Judge Juan Perez Gimenez refused to let Puerto Rico block the sale, he said he would continue hearing arguments from both sides.
Wal-Mart Stores Inc. operates 19 stores in Puerto Rico, including eight Sam's Clubs. Amigo has 34 supermarkets, which would keep the name Amigo under the Wal-Mart deal.
Officials in Puerto Rico have said Wal-Mart's purchase of Supermercados Amigo, reportedly worth $225 million, violates the island's antitrust laws and runs contrary to the best interests of consumers, business owners and distributors.
The Federal Trade Commission has validated the purchase.
Although U.S. District Court Judge Juan Perez Gimenez refused to let Puerto Rico block the sale, he said he would continue hearing arguments from both sides.
Wal-Mart Stores Inc. operates 19 stores in Puerto Rico, including eight Sam's Clubs. Amigo has 34 supermarkets, which would keep the name Amigo under the Wal-Mart deal.