The world's largest retailer Wal-Mart said Wednesday it has succeeded in its tender offer for full ownership of struggling Japanese subsidiary Seiyu, spending some 850 million dollars. The US giant had launched the tender offer in October despite already investing more than one billion dollars in the company but still failing to bring it out of the red.
Wal-mart Stores Inc said it had succeeded in securing 95.1 percent of shares in The Seiyu Ltd by the close of the tender offer Tuesday, above the minimum goal of two-thirds. Wal-Mart, which had offered 140 yen a share, spent 93.4 billion yen (850 million dollars) on the tender offer, a Wal-Mart spokeswoman said.