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Non-Tech : Wal-Mart
WMT 102.68+1.0%2:36 PM EST
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To: Robert J Mullenbach who wrote (797)7/26/1999 8:39:00 AM
From: JakeStraw   of 1166
 
EU Clears Wal-Mart Takeover of Asda

BRUSSELS, Belgium (AP) - European Union regulators Monday approved the $10.7 billion takeover of British supermarket chain Asda Group PLC by the U.S. retailer Wal-Mart Stores Inc. (NYSE:WMT - news)

Regulatory approval was seen as a formality, since the two companies do not operate in each others' markets. The EU's executive body said the operation does not raise competitive concerns.

Asda is only active in Britain, where it is the third largest supermarket operator. Wal-Mart's only operations in Europe are in Germany, following its purchase last year of the Wertkauf chain of 95 supermarkets.

On the procurement side, the Commission said both companies buy most of their supplies from national producers and the few producers supplying both companies, are ''tend to be large multinational companies with considerable bargaining power.''

Wal-Mart announced its move into Britain last month with acquisition of Asda which has 229 stores and annual sales of $12.8 billion. The deal more than doubles Wal-Mart's international sales.

The EU Commission checks all large mergers impacting on markets within the 15-nation block to ensure they do not create monopolies or other unfairly dominant position.
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