Business Services Industry
Wal-Mart rumours centre on Woolies and Coles.
Australasian Business Intelligence, August, 2006
Byline: Michael Evans and Kate Askew
Aug 06, 2006 (The Age - ABIX via COMTEX) -- In early August 2006, reports emerged that Wal-Mart holds a small stake in Australian supermarket operator, Woolworths. The "Sydney Morning Herald" newspaper understands that the US retail group has held the stake for some time, although Wal-Mart itself has declined to comment. Reports from London suggest that Wal-Mart is preparing to make an Australian acquisition. Woolworths CEO, Roger Corbett, says he does not know of any Wal-Mart-owned Woolworths stake but says it is not beyond the "realms of possibility" that such a holding exists. Corbett has conceded that Woolworths has a "close" relationship with Wal-Mart, which may have given rise to the speculation. However, some...
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