Wal-Mart Increases Stake in Retailer Seiyu Dec 6, 2007

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Retailer Wal-Mart raised its stake in Japanese retailer Seiyu to 95.1%, giving it managerial control of the chain. Wal-Mart already owned 50.9% in Seiyu Ltd. It offered to buy outstanding shares to gain full ownership in hopes of speeding management decisions for Seiyu's turnaround.

Since entering the Japanese market in 2002, Wal-Mart has been gradually raising its stake in Seiyu, the fifth-biggest retailer in Japan, with about 400 stores.

Under the 93 billion yen (US$843.9 million) deal for more than 411 million shares, Wal-Mart paid 140 yen ($1.27) for each Seiyu share it didn't own. (AP)

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