Wal-Mart acquires major Chilean retailer
January 23, 2009,
Bentonville, Ark. and Santiago, Chile – Wal-Mart Stores, Inc. has succeeded in its tender offer to acquire control of the Chilean retail and financial services powerhouse Distribucion y Servicio, a company with about $3.8 billion in 2007 revenues.
D&S banners include Hiper de LIDER hypermarkets, Express de LIDER supermarkets, and convenience store chains Super Bodega Acuenta and Ekono.
The Wal-Mart move obtains about 58.2% of the issued and outstanding shares of D&S, while Felipe Ibanez Scott and Nicolas Ibanez Scott will collectively retain about 40.1%. About 1.7% of D&S shares remain publicly held.
Enrique Ostale is ceo of D&S. Wal-Mart already has a global procurement office in Santiago; it comes under the supervision of Craig Herkert, Wal-Mart evp and ceo of the Americas.