walmart-seals-trustmart-takeover

Wal-Mart seals Trust-Mart takeover

Wal-Mart places a value of $1 billion on Trust-Mart's network of 101 hypermarkets as it aims to cement its China presence.
Wal-Mart has confirmed its purchase of a 35% stake in Bounteous which operates Trust-Mart, a chain of 101 hypermarkets in China.

Wal-Mart did not disclose how much it paid for the stake or any other financial terms of the deal saying only, ôif certain conditions are met, Wal-Mart will acquire ownership control in the futureö. Subsequently, a Wal-Mart spokesperson told media that Wal-Mart intended to take full control of Trust-Mart in around 2010.

There is speculation that Wal-Mart has valued Trust-Mart at around $1 billion and that it will pay the agreed consideration in instalments. Wal-Mart has not confirmed the rumours and did not yesterday announce deal parameters citing confidentiality.

It is believed that the...
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