CHILE: Wal-Mart looks to up D&S stake
US retail giant Wal-Mart has indicated its intention to raise its stake in Chilean supermarket Distribución y Servicio D&S.
At the end of January, Wal-Mart acquired a 58.2% controlling stake in D&S. In addition, Felipe and Nicolás Ibáñez Scott beneficially own approximately 40.1% of the outstanding shares.
Yesterday (23 February), Wal-Mart launched its previously disclosed follow-on tender offer for "any and all" of the outstanding shares of common stock, and for any and all of the outstanding American Depository Shares that it does not currently own.
Wal-Mart is offering the same price and terms as in its initial offer - US$0.408 for each share of common stock and $24.48 for each ADS.
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