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Wal-Mart’s Asda to acquire Netto
31 May 2010: US retailer Wal-Mart, is buying Netto UK from its Danish owner for 778 million pounds (approx $1.1 billion) and will convert the stores to its Asda brand, cementing its position as the UK’s number two grocer.
Wal-Mart Stores Inc, the world’s largest retailer, generates about 25 percent of its annual $405 billion sales outside the U.S. It bought Britain’s Asda, in 1999. It was buying discounter Netto’s 193 stores in the UK and would convert them to an Asda fascia by summer 2011.
Dansk Supermarked, majority-owned by Danish conglomerate AP Moller-Maersk, said it would now focus on expanding Netto in Scandinavia and Northern Europe.
Source: Khaleej Times