Wal-mart (WMT) Approved to Acquire Majority Stake in Large Chinese e-Commerce Company
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Wal-mart (NYSE: WMT) shares are ticking higher Tuesday morning following reports it received key approval in China to improve sales.
According to the WSJ, Wal-mart received approval from China's Ministry of Commerce to acquire a majority stake in Yihaodian, a Chinese e-commerce company. From it's current holding of 18 percent of Yihaodian, Wal-mart is approved for a 51 percent share
The acquisition will pave the way for Wal-mart to expand e-Commerce sales in China, a region where business-to-customer transactions (B2C) will expand five-fold over the next two years to $100 billion (RMB 665 billion). Data comes from research firm Analysys International.
Wal-mart is up about 0.4 percent early.
According to the WSJ, Wal-mart received approval from China's Ministry of Commerce to acquire a majority stake in Yihaodian, a Chinese e-commerce company. From it's current holding of 18 percent of Yihaodian, Wal-mart is approved for a 51 percent share
The acquisition will pave the way for Wal-mart to expand e-Commerce sales in China, a region where business-to-customer transactions (B2C) will expand five-fold over the next two years to $100 billion (RMB 665 billion). Data comes from research firm Analysys International.
Wal-mart is up about 0.4 percent early.
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