JAPAN: Wal-Mart takes stake in Japanese food retailer Seiyu
US retail behemoth Wal-Mart said today [Thursday] it would acquire a minority stake in the Seiyu supermarket group in Japan. While Wal-Mart will initially acquire just a 6.1% stake in the chain, it will also have the right to take the chain over. "Under the agreement Wal-Mart would have the ability to inject up to ¥260bn (US$2.0bn) of new equity into Seiyu, raising its stake up to 66.7% over time," Wal-Mart said in a joint statement with Japan's fifth-largest supermarket operator and trading house Sumitomo Corp.
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