Beijing Hualian Denies Wal-Mart Takeover Report
Beijing Hualian is one of China's biggest retail groups.
The company is denying that they are in talks with Wal-Mart about a "hard look" by the two giants, one a hyper giant, that will allow Wal-Mart to buy all or part of Beijing Hualian.
Wal-Mart says corporate policy does not permit a comment on media reports and media speculation.
Beijing Hualian says "We do not have such moves (underway with Wal-Mart)."
Wal-Mart announced Friday that it was acquiring 35% ownership in the Taiwanese Bounteous Company Ltd (BCL), the owner of
Trust-Mart.
"BCL operates 101 hypermarkets in 34 Chinese cities, all still under the Trust-Mart name.
Wal-Mart, which entered the Chinese market in 1996, now has over 70 stores in the country that employ more than 37,000 people."
Beijing Hualian has a joint-venture with the Taiwan-based, partly Japanese owned "Shin Kong Mitsukoshi to open the luxury department store Shin Kong Place in Beijing's central business district."
Let's see…Wal-Mart (US), BCL (Taiwan), Beijing Hualian (China) and Mitsukoshi (Japan).
Okay, I'm confused.
I don't know who will own what and how much of it when all is said and done…but I do know, Wal-Mart will keep making money.
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