Report: Wal-Mart Bidding $100M for Chain in China
Beijing, Wal-Mart Stores has emerged as the leading bidder to buy a chain of 100 hypermarkets in China, but a final agreement has yet to be reached, according to a report in The Financial Times. The company is reportedly bidding about $1 billion to buy the chain from Trust-Mart, a Taiwanese company.
If completed, the deal would vault Wal-Mart past its rival, Carrefour SA of France, in the number of hypermarkets in China. Currently, Wal-Mart has 66 stores in China. The chain has said it plans to increase fivefold in size in that country in the next five years.