Wal-Mart eyes bid for HK’s ParknShop
Print Edition
Wal-Mart Stores Inc is considering making a bid for the Hong Kong supermarket business being sold by a company controlled by Asia’s richest man Li Ka-shing, people familiar with the matter said.
Li’s Hutchison Whampoa Ltd conglomerate has set an August 16 deadline for initial bids for ParknShop, which it values at as much as US$4 billion, sparking interest from corporate and private equity buyers.
Wal-Mart, the world’s largest retailer, is working with a bank as it weighs its options for ParknShop ahead of next week’s preliminary bid deadline, the people said. Wal-Mart declined to comment.
Last year, Wal-Mart announced plans to open 100 new stores in China over the next three years and create 18,000 jobs in an effort to boost its Chinese mainland business. Wal-Mart opened its first China store in 1996 and now operates more than 380 stores spread across various formats, including Supercenters, Sam’s Clubs and Neighborhood Markets.
While private equity firms were not initially invited to participate in the process, more recently KKR & Co LP and TPG Capital have been invited to bid, the people said.
Other buyout firms, including Blackstone Group LP, have held talks with banks about financing a possible bid, they added.
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