Wal-Mart to own majority stake in largest Chilean food retailer

BENTONVILLE, Ark. and SANTIAGO, Chile Wal-Mart Stores announced that it has successfully completed its tender offer to acquire Distribucion y Servicio D&S S.A., Chile's largest food retailer.

As a result of the transaction, Wal-Mart will own approximately 58.2 % of the issued and outstanding shares of D&S, including shares represented as American Depository Shares in the United States. Felipe Ibanez Scott and Nicolas Ibanez Scott will collectively retain approximately 40.1% of the shares of D&S, leaving approximately 1.7% held by the public. The tender offer period commenced Dec. 24 and closed at midnight Jan. 22 local Santiago time.

According to Craig Herkert, Wal-Mart EVP and CEO of the Americas, "Partnering with D&S, with its strong brands and its position as Chile's largest food retailer, is an important step in implementing Wal-Mart's international strategy. We continue to focus on portfolio optimization, global leverage and winning in every market."