Wal-Mart to acquire Seiyu Ltd. in Japan

Wal-Mart to acquire Seiyu Ltd. in Japan

Retailing industry giant Wal-Mart has announced their plans to take full ownership of its Japanese subsidiary, Seiyu Ltd.

This company division has been a money losing venture and they are now planning to overhaul the management.

Wal-Mart would now be paying $1.23 for each share in this company they do not own already.

Wal-Mart Vice Chairman Mike Duke added in a statement on their decision: “Today’s announcement is a reaffirmation of our commitment to Japan, the second largest economy in the world. The Japanese retail market is of major strategic importance to Wal-Mart, and our goal is to achieve long-term success and growth in Japan.”