Report: Wal-Mart weighing partial buyout of major German retailer
Wednesday, July 5th 2000, 12:00 am
By: News On 6
(Duesseldorf, Germany-AP) -- According to a magazine report released today, U-S retail giant Wal-Mart is considering a takeover bid for nearly a quarter of Germany's largest chain of department and grocery stores.
The move would nearly quadruple Wal-Mart's presence in Germany.
According to an advanced copy of tomorrow's German business magazine Focus Money, the Arkansas-based Wal-Mart has sent accountants to examine the books at Germany's Metro A-G with the intent of buying nearly 300 department stores from Metro's Real chain and 500 stores from its Extra supermarket division.
Neither company would comment on the report today. But just a day earlier Metro chairman Hans-Joachim Koerber, speaking at the company's annual shareholder meeting, denied his firm was in concrete talks with Wal-Mart.