From Financial Times:
Wal-Mart, the world’s largest retailer, on Monday night appeared close to sealing a landmark $1bn acquisition in China, after emerging as the leading bidder in a year-long auction for Trust-Mart, China’s second-largest hypermarket chain.
People close to the negotiations said that Wal-Mart had edged out France’s Carrefour and local competitors, but cautioned that the details remained to be finalised and the deal could still fall through at the eleventh hour.
A purchase of Trust-Mart, which is privately-owned by Taiwanese entrepreneurs, would represent one of Wal-Mart’s largest acquisitions in recent years. It highlights how China has become an important battleground for international supermarket chains as its rapid urbanisation and rising standards of living are creating a new consumer class. [Full Text]