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.
Wal-Mart said that eventually it would spend ¥260bn to increase its 6.1% stake to 66.7%, a transaction that will take place before 2007.
Meanwhile, Japanese trading house Sumitomo Corp., which currently ranks as Seiyu’s top shareholder, announced that it will pay ¥5bn to increase its stake to 15.6%.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData