Skip to main content

Walmart restarts talks on possible sale of Asda stake

Walmart, the world’s biggest retailer, has restarted talks with potential buyers of a stake in its British supermarket arm Asda, a Walmart spokesman said on Monday.

The talks had been put on hold in April so management could focus on dealing with the impact of the Covid-19 crisis.

 

“Walmart and Asda have restarted conversations with a small number of third-party investors who are interested in acquiring a stake in Asda and partnering with Walmart, following renewed inbound interest,” the spokesman said.

After Asda’s attempt to combine with United Kingdom rival Sainsbury’s was blocked by the competition regulator last year, Walmart said it was considering a stock market listing for Asda. Then in February, Walmart said that it was in talks with possible buyers of a majority stake in the group.

Walmart, the world’s biggest retailer, has restarted talks with potential buyers of a stake in its British supermarket arm Asda, a Walmart spokesman said on Monday. Photo: (AP Photo/Julio Cortez, File)

Those talks progressed until the coronavirus hit.

“We believe now is the right time to explore options for a third party to invest in our business to accelerate the long-term delivery of our value strategy, both in stores and online,” the Walmart spokesman said.

He added that the pandemic had demonstrated Asda’s resilience and the key role it plays in supporting communities in Britain.

In May, Asda Chief Executive Roger Burnley told Reuters he did not think the crisis had diminished third-party interest in the business.

 

Pin It

Related Articles

Spar reports growth of 3.3% as global retail sa...

SPAR, the world’s largest food retail voluntary chain, has seen annual retail sales break the €40 billion mark for the first time, today reporting global sales revenue of €41.2 billion for the year ending December 31st, 2021. The figures represent...

Informal Retail in Africa: Could Technology be ...

Since the turn of the century and consistently for nearly a decade before the COVID-19 pandemic ravished global markets, Africa was home to the fastest growing economies. The shoots of positive growth it demonstrated afforded it the title of the “...

Consumers need a good reason to shop this Black...

Last year’s Black Friday retail sales massively underperformed for many reasons, according to Marino Sigalas, Account Director at The MediaShop. He says that some consumers were not comfortable with the thought of being shoulder to shoulder with o...

Checkers launches deals onto its Sixty60 home d...

Retailer Checkers says that customers using its Sixty60 home delivery service will now be able to benefit from its Xtra Savings rewards programme.

SA wipe manufacturer Sani-touch is ahead of the...

In the UK a government minister is calling for a new law to ban wet wipes that contain plastic. Labour minister Fleur Anderson argues that around 90% of the 11 billion wet wipes used in the UK per year contain some form of plastic that turns into ...