The world’s biggest retailer Wal-Mart has completed its tender offer to take total control of Japanese supermarket chain Seiyu.
Wal-Mart’s stake in the retailer is set to rise from 50.9 per cent to 95.1 per cent. Wal-Mart launched its tender offer in October and the offer closed yesterday. The settlement process for all the shares is scheduled to begin on December 11.
Wal-Mart vice-chairman Mike Duke said: “We are very pleased with the positive response to this tender offer. This successful result paves the way to achieve our stated goal of full ownership of Seiyu, which will enable Seiyu and Wal-Mart together to accelerate the delivery of long-term benefits to our customers, the communities we serve, our associates and our business partners.”
Seiyu has about 400 stores in Japan. Wal-Mart bought a stake in the group initially in 2002.