US retail titan Wal-Mart and other foreign bidders are reported to have been dropped from the bidding process to sponsor struggling Japanese supermarket firm Daiei.
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The Industrial Revitalization Corp of Japan (IRCJ) is currently deciding who will be allowed to invest in the company’s restructuring. However, it has now narrowed its list to three groups, and has dropped groups led by Wal-Mart, US investment fund Ripplewood Holdings and agribusiness Cargill, Reuters reported, citing sources familiar with the selection process.
Japanese retailer Ito-Yokado has also reportedly been eliminated, leaving retailer Aeon, trading firm Marubeni and turnaround fund Kiacon still in contention, the report said.
