Wal-Mart Confirms Successful Tender Offer for Chilean Retailer
Bentonville, Ark. Wal-Mart Stores said Friday that its tender offer to acquire Distribucion y Servicio D&S S.A., Chile's largest food retailer, was successful. As a result, Wal-Mart will buy about 58.2% of the issued and outstanding shares of D&S.
The chain said that Felipe Ibanez Scott and Nicolas Ibanez Scott will retain about 40.1% of D&S shares, while the public will hold about 1.7%.
According to Craig Herkert, Wal-Mart executive VP and CEO of the Americas, "Partnering with D&S, with its strong brands and its position as Chile's largest food retailer, is an important step in implementing Wal-Mart's international strategy. We continue to focus on portfolio optimization, global leverage and winning in every market."
With 2007 net revenues in excess of U.S. $3.8 billion, D&S has more than 180 stores, 10 shopping centers and 85 PRESTO financial services branches.