JAPAN: Seiyu shareholders approve first step of Wal-Mart takeover plan
Japan's fifth largest supermarket chain Seiyu has announced that the tie-up plan with US retail giant Wal-Mart Stores announced in March was approved by shareholders at regular meeting earlier today [Thursday]. Wal-Mart will initially purchase a 6.1% stake in Tokyo-based Seiyu for ¥6bn (US$46m), with a view to retaining the ultimate right to take over the company at a later date. Earlier this week, news reports speculated that the deal would be rejected however because the price was too low.
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