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Financials

Asda boss sees 2-3 year horizon for possible IPO

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)

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