Wal-Mart buys 35 pct stake in Taiwan-owned Trust Mart chain in China |
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Tue, 27 Feb 2007 04:28
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BEIJING (XFN-ASIA) - Wal-Mart Stores Inc, the world's biggest retailer, said it has bought 35 pct of the Taiwan-owned Trust-Mart hypermarket chain, which operates 101 stores in China.Wal-Mart, which did not disclose how much it paid for the stake, said that subject to 'certain conditions,' it would acquire ownership control in the future.'Through this investment in Trust-Mart we have the opportunity to expand our presence in China,' Wal-Mart vice chairman Michael Duke said in a statement.'This is an important step in bringing additional scale to our China retail business.'The US retail giant currently operates 68 stores in China, employing 37,000 people.Trust-Mart, which has more than 31,000 employees in China, will continue to operate under the Trust-Mart banner, and both companies plan to continue expanding each of the store chains on the mainland, the statement said.Trust-Mart Chairman John Yu said the alliance would help the company benefit from Wal-Mart's experience in logistics and operations.afp
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