From BBC News:
Wal-Mart, the world’s largest retailer, is expanding its presence in China after agreeing to buy a 35% stake in discount store chain Trust-Mart.
The terms of the deal, giving Wal-Mart an interest in 100 stores in 34 Chinese cities, were not revealed but analysts have said the business is worth $1bn.
Should Wal-Mart ultimately buy out the group, it would make it China’s largest foreign retailer in terms of stores. Foreign sales currently account for about 20% of the firm’s turnover.[Full Text]
