US supermarket giant Wal-Mart might be prepared to float a “significant stake” in Asda on the London Stock Exchange to finance new store openings and even the acquisition of a convenience store chain, according to a report in the Sunday Telegraph.
The paper said Wal-Mart last year considered pulling out of the UK market because of limited opportunities to expand the Asda business due to competition constraints.
Wal-Mart considered an outright sale of Asda to free up cash for expansion in China and India.
Wal-Mart bought Asda in 1999 for £6.7bn.
