Wal-Mart buys southern Brazilian chain
December 14, 2005,
BENTONVILLE, Ark. – A decade after entering the Brazilian market, Wal-Mart Stores has purchased 140 hypermarkets, supermarkets and wholesale units from the Sonae retail chain in Porto Alegre, Brazil for approximately $757 million.
According to Craig Herkert, president and CEO of Wal-Mart in the Americas, this purchase significantly strengthens Wal-Mart’s stake in Latin America by building on the September acquisition of a one-third interest in Central American Retail Holding Co., the region’s largest retailer. Wal-Mart Brazil will now have 295 units in 17 Brazilian states.
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