Asda now under new ownership

LONDON According to reports in the British press, Wal-Mart has sold its Asda unit to Corinth, a holding company that was once a subsidiary of Asda, for about $9.6 billion.

AWal-Mart spokesman is reported as saying that the company will on occasion alter the ownership structure of its businesses as appropriate. This is the first time ownership of Asda has changed under Wal-Mart.

Reports indicate that Corinth will receive Asda's dividend payments.