Clown-Free Zone... sorry, no clowns allowed Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : Clown-Free Zone... sorry, no clowns allowed

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Knighty Tin who wrote (268821)	11/26/2003 9:18:15 AM
From: UnBelievable	Read Replies (1) of 436258

DJ Wal-Mart Likely To Buy Brazil --------------------- Wed Nov 26 09:12:12 2003 EST Chain From Ahold - Report Have a good holiday everyone. (New highs all around for Thanksgiving?) SAO PAULO (Dow Jones)--U.S. retail giant Wal-Mart Stores Inc. (WMT) may be just days away from closing a deal to buy the 120-store Bompreco supermarket chain in Northeastern Brazil from troubled Dutch retailer Ahold NV (AHO), local daily Valor Economico reported Wednesday. A source close to Wal-Mart's administration in Brazil told the paper that talks are advanced and the U.S. retailer is ready to assume control of Bompreco Jan. 4 - so long as "substantial points of the contract" can be successfully negotiated. As reported in August, a court order issued by a judge in the Northeastern state of Sergipe has threatened to fine Ahold if it sells its 40-store G. Barbosa chain together with Bompreco. Ahold is trying to unload both assets as part of a wider exit from Latin America in the wake of an accounting scandal that hit earlier this year. An antitrust body in Brazil recommended that Ahold spin off 17 of its G. Barbosa markets because of overlap with Bompreco stores, but a final decision from the country's top antitrust body is still pending. Wal-Mart's biggest competitor in the race to snap up the Ahold assets, meantime, has been elbowed out of the contest in recent days, sources close to the contender told Valor. The competitor, Brazil's biggest retailer Companhia Brasileira de Distribuicao SA (CBD), submitted a competitive bid but attached numerous conditions and offered less attractive payment terms than Wal-Mart. Analysts are expecting Bompreco, which had sales of 3.34 billion reals ($1=BRL2.93) last year, to sell for about a third of gross revenue. Ahold and Wal-Mart declined to comment on whether they were nearing a deal, while competitor CBD refused to say if it has pulled out of the contest. Ahold aims to raise about EUR2.5 billion via asset sales to help reduce its EUR11 billion debt load. Shareholders of the Dutch retailer approved a EUR3 billion rights issue Wednesday.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next