Wal-Mart to acquire South American food retailer
January 23, 2009
by FoodBusinessNews.net Staff
BENTONVILLE, ARK. — Wal-Mart Stores, Inc. has confirmed its tender offer to acquire Distribucion y Servicio D&S S.A., which is Chile’s largest food retailer.
As a result, Wal-Mart will acquire about 58.2% of the issued and outstanding shares of D&S. Felipe Ibanez Scott and Nicolas Ibanez Scott will collectively keep about 40.1% of D&S, leaving 1.7% to be held by the public. The tender offer began on Dec. 24 and closed at midnight on Jan. 22, Santiago time.
"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," said Craig Herkert, executive vice-president and chief executive officer of the Americas for Wal-Mart. "We continue to focus on portfolio optimization, global leverage and winning in every market."
D&S had net revenues of more than $3.8 billion in 2007.