Wal-Mart acquires a 35 percent stake in Bounteous Company

Wal-Mart acquires a 35 percent stake in Bounteous Company

Retailing giant Wal-Mart has announced that they have acquired a 35 percent stake in Chinese supercenter operator Bounteous Company.

This is an important step for the company which is trying to expand into the China one of the fastest growing consumer markets in the world.

The two companies have not disclosed the financial aspect of the deal signed on between them. Wal-Mart is now planning to acquire a majority stake in Bounteous by 2010.

A total acquisition could help Wal-Mart become the biggest supercenter operator in China leapfrogging France’s Carrefour SA.

Wal-Mart Vice Chairman Michael Duke said in a statement that this investment is “an important step in bringing our additional scale to our China retail business.”