Walmart in Discussion to Place Bid for ParknShop
Wal-Mart Stores is planning to make a bid for ParknShop, Hong Kong’s chain of supermarkets that is controlled by a company owned by Li Ka-Shing. Li’s Hutchison Whampoa Ltd has set a August 16 deadline for all initial bids for the supermarket chain.
The supermarket chains is said to be valued as much as US$ 4 billion which spark interest from private equity and corporate buyers. Walmart is currently working with banks as they weigh their options for ParknShop a few weeks ahead of the set preliminary bid deadline. No comments can be obtained from both companies as the discussions are said to be confidential.
Walmart have plans to open at least a hundred more stores in China in the span of three years creating more than 18,000 new jobs and helping boost Chinese mainland business. Walmart first opened is Chinese store in 1996 in Shenzhen and is now operating more than 380 stores in various formats, ranging from Sam’s Clubs, Supercenters and Neighborhood Markets.