CHILE: Wal-Mart makes follow-on bid for rest of D&S
Supermarket giant Wal-Mart Stores has made a follow-on tender offer to buy the remaining shares in Chilean supermarket group Distribucion y Servicio D&S SA that it does not already own.
Wal-Mart has offered $0.408 for each share of common stock and $24.48 for each American Depository Share (ADS).
The price matches that in the initial tender, which gave Wal-Mart a 58.3% stake in D&S and was concluded on 25 January this year.
Felipe and Nicolas Ibanez Scott, members of the D&S founding family, control a 40.1% stake in D&S.
Wal-Mart says moving into Chile is an important step in its international strategy and will give it a significant foothold in the South American market.
Although D&S' core business is food retail, it also sells clothing in its Hiper Lider hypermarket chain.
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