Walmart has hired investment bank UBS to advise on a potential takeover of Carrefour’s Brazilian subsidiaries, according to reports.
Both Walmart and Carrefour have remained tight-lipped about the rumoured takeover, but it is understood that Walmart is assembling a team of expert advisers prior to making a bid.
Talk of a takeover has been circulating since Carrefour failed to merge its Brazilian subsidiary with Grupo Pão de Açúcar last month. If Walmart succeeds in its takeover bid, the resulting business would be Brazil’s largest retailer with an estimated market share of 27%.
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