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)
to Daily News