LONDON, July 3 (Reuters) - The horizon for a possible initial public offering (IPO) and stock market listing of UK supermarket group Asda by its U.S. parent Walmart is two to three years, Asda’s boss said on Wednesday.
“If I was a betting man, I just think that is the sort of time the process will probably take,” Asda Chief Executive Roger Burnley told Reuters.
Walmart said in May that it would look at a stock market listing for Asda after Britain’s competition regulator blocked a 7.3 billion pound ($9.2 billion) takeover by rival Sainsbury’s .
Asked if Walmart was likely to retain a majority stake in Asda if it did IPO, Burnley said: “I very much think so.”
He said Walmart’s support has been “very strong” since the failure of the Sainsbury’s deal. (Reporting by James Davey, Editing by Paul Sandle)