Struggling Japanese retailer and Wal-Mart affiliate Seiyu is reportedly set to become a subsidiary of the world’s largest retailer in January.
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Wal-Mart already owns 42.2% of Seiyu, with an option to raise its stake to more than 50% at the end of the year.
Seiyu CEO Noriyuki Watanabe has told a Japanese newspaper that Wal-Mart is likely to raise its stake in the Japanese firm to make it a subsidiary in January, reported Reuters.
The move is reportedly subject to approval by the board of the US retail giant.
“We are currently negotiating the capital increase method and a timeline,” Watanabe was quoted as saying. “If all goes as planned, Seiyu will become Wal-Mart’s Japanese unit in January.”
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