Walmart looks for European deals
23 May 2011 09:54
The American owner of supermarket Asda, Walmart, is looking to set up a UK base to look at European takeover opportunities, it was reported today.
The US retail giant, which owns nearly 10,000 retail units under 60 different brands in 15 countries, wants to bring a team to London, the Independent on Sunday said.
The objective of the division, likely to be based close to Heathrow airport, will look at opportunities for European mergers or takeovers.
Walmart first entered mainland Europe in 1997 when it bought German hypermarket chain, Wertkauf, but it sold the chain in 2006.
Walmart has reportedly hired real estate broker Cushman & Wakefield to search for office space in west London to house around 35 to 55 staff.
The location is popular with US businesses to base their UK and European operations - Starbucks has its UK headquarters in Chiswick for example.
Walmart's first quarter results revealed further difficulty in the UK and US, so a push into Europe is a logical step.
Mike Duke, the chief executive, said US store sales declined 1.1% - the eighth consecutive quarterly decline in its US stores.
Its UK results showed sales in Asda shops that have been open over a year rose only 0.1%, excluding fuel and VAT.
The Europe move is separate to Asda, which is based in Leeds and has a fashion team for its George brand based in London.
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