Wal-Mart rumored to plan Cora acquisition
Friday, June 10, 2005, 07:00
U.S.-based Wal-Mart Stores Inc., the world?s largest retailer is eyeing the seven Cora hypermarkets of French retailer Louis Delhaize in Hungary, business weekly Figyelő reported. Cora, which competes with Tesco and Auchan in the Hungarian market, closed the year 2003 with Ft 100 billion revenue, and Ft 3.4 billion loss. According to Figyelő, Wal-Mart may also consider buying Auchan. Wal-Mart, which registered a subsidiary in Hungary with Ft 3 million capital in 2003, dominates 52% of Canadian market, and have already entered several countries in South and Central America, Japan, China, South Korea, Germany and the UK. The annual sales revenue of the company is more than $200 billion.