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Report: Wal-Mart may bid on Hong Kong grocery chain
Bentonville, Ark. – Wal-Mart is considering entering the bidding for Hong Kong-based grocery chain ParknShop, Reuters reports. Wal-Mart is currently exploring options to enter the initial bidding process for ParknShop, which closes Aug. 16.
ParknShop is owned by Hutchison Whampoa Ltd., which in turn is owned by Li Ka-shing, reputedly the wealthiest man in Asia. The chain may be valued as high as $4 billion.
Wal-Mart, which has not commented publicly, said last year it would open 100 new stores in China by 2015. -
Deal report has Walmart linked to Hong Kong
Walmart may make a bid for 345 store Hong Kong supermarket chain known as ParknShop that is owned by Hutchison Whampoa, according to a Reuters report that cited people familiar with the matter.
Walmart is often linked to international retailers as a potential acquirer and according to the Reuters report it is among eight potential suitors for ParknShop who have until August 16 to submit preliminary offers.