CHILE-WAL-MART BIG PLANS.
Wal-Mart said it has acquired about 58.2 percent of the Distribucion y Servicio’s shares. Felipe Ibanez Scott and Nicolas Ibanez Scott, brothers who are controlling D&S shareholders, will retain about 40.1 percent of shares. About 1.7 percent will be held by the public. The offer started Dec. 24 and closed on Jan. 22.
The move helps Wal-Mart to expand in Chile. The Bentonville, Ark.-based retailer already has a global procurement office in Santiago and exports Chilean products to its stores in the U.S. and throughout the world.
Wal-Mart said D&S operates more than 180 stores in Chile.
Wal-Mart has been shifting its focusing to its international business, which is the company’s fastest-growing division. In November, the company said it was shifting more of its focus over the next five years away from mature markets and to emerging markets like Brazil and India to drive sales.
