International Business

Bentonville, Ark. -- Wal-Mart’s South African subsidiary Massmart Holdings Ltd reportedly seeks a 67% ownership stake in Kenyan retail chain Naivas Supermarkets Ltd. According to Bloomberg, which on Monday reported Naivas was one of several possible Kenyan chains eyed by Massmart for possible expansion, serious talks with Naivas have occurred.

NORTHRIDGE, Calif. — Pharmavite LLC, one of the largest U.S. manufacturers of vitamins, minerals and other dietary supplements, has appointed Timothy Toll as its new EVP of sales.

Boca Raton, Fla. -- Office Depot is making a public offer to its largest shareholder, Starboard Value LLP, to settle a dispute about who should serve on its board of directors. In a press release, Office Depot said that if CEO Selection Committee members Tom Colligan and Marsha Evans are re-elected, the company would immediately invite to its board of directors any of the three Starboard nominees recommended by proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis who are not elected.

Wayne, N.J. -- Toys “R” Us announced that it has introduced its own gift card program in its stores throughout China. Gift cards are now available for purchase in its 41 locations, and can be redeemed in any Toys “R” Us store in the country.
 

BENTON HARBOR, Mich. — Whirlpool Corporation has entered into agreements to become a majority shareholder in Hefei Rongshida Sanyo Electric Co. Ltd., a leading home appliances manufacturer based in Hefei, China.

Through this transaction, a Whirlpool Corporation subsidiary will acquire all shares currently owned by Sanyo Electric Co. Ltd. and Sanyo Electric Co. (China) Ltd., and purchase new Hefei Sanyo shares via a private placement.

Tampa, Fla. — Burger 21 has signed its first franchise agreement in Arizona. The deal will bring the first Burger 21 restaurant in the western U.S. to Chandler, Ariz., expanding the brand’s footprint to nine states.

The franchisee plans to open in Chandler next year and then to pursue a second unit in Phoenix. To date, Burger 21 has nine open locations and 17 franchised restaurants in development across the country.

WESTLAKE VILLAGE, Calif. — David H. Murdock, Dole’s chairman and CEO, has entered into a definitive merger agreement with Dole Food Company to acquire for cash all outstanding shares of Dole common stock not currently held by him and his affiliates. 

The field of candidates to serve as CEO of the merged Office Depot and OfficeMax has been narrowed to five with September set as the goal to have an executive in place to lead the $18 billion combined company.