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Wal-Mart increases commitment to Japan

Tokyo — Wal-Mart has made a major commitment towards increasing its Japanese presence with the acquisition of a 6.1 percent stake in local supermarket chain Seiyu Ltd.

The discounter will pay about $46 million in May for its stake and has the option to buy a third of Seiyu stock by the end of 2002, half of Seiyu stock by 2005 and two-thirds by December 2007, according to Wal-Mart.

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