PORTUGAL: No Wal-Mart bid for Jeronimo Martins after all

Jeronimo Martins , the second largest retail chain in Portugal, stressed earlier today (3 November) that an article printed in Semanario Economico, a weekly national newspaper, is entirely false. The paper had excited interest by reporting that US group Wal-Mart , had offered a takeover bid of €575m for the Portuguese chain.A statement from Jeronimo Martins revealed that: "The board hereby informs the market that it has no knowledge of any move or fact that lends foundation to the report."

November 3, 2000

Jeronimo Martins, the second largest retail chain in Portugal, stressed earlier today (3 November) that an article printed in Semanario Economico, a weekly national newspaper, is entirely false. The paper had excited interest by reporting that US group Wal-Mart, had offered a takeover bid of €575m for the Portuguese chain.

A statement from Jeronimo Martins revealed that: “The board hereby informs the market that it has no knowledge of any move or fact that lends foundation to the report.”