Wal-Mart Japan CEO: will actively seek M&A
TOKYO |
TOKYO (Reuters) - The Japanese unit of Wal-Mart Stores (WMT.N), the world's largest retailer, said on Tuesday that it would actively seek opportunities for mergers and acquisitions as a way to grow.
"Wal-Mart's operations in many countries are expanding through acquisitions. We will also consider such activities," Wal-Mart Japan CEO Toru Noda said at a briefing.
In Japan, Wal-Mart runs the Seiyu supermarket chain, which has about 370 stores. Noda took the helm at both Wal-Mart Japan and Seiyu this month.
Seiyu has been locked in fierce price competition against such local rivals as Seven & I (3382.T) and Aeon Co Ltd (8267.T) as Japan suffers from prolonged deflation.
(Reporting by Taiga Uranaka)
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