December 29, 2004

WM in Turkey (UPDATED)

There's a rumor floating around that Wal-Mart is interested in a sizable stake of Migros :

Wal-Mart Stores Inc. (WMT.N: Quote, Profile, Research) , the world's biggest retailer, declined to comment on Wednesday on reports that it was in talks to cooperate with Turkey's leading local retailer, supermarket chain Migros (MIGRS.IS: Quote, Profile, Research) .

Shares in Migros, controlled by Turkish conglomerate Koc Holdings (KCHOL.IS: Quote, Profile, Research) , jumped 7.5 percent on Wednesday after the Turkish Anka News Agency quoted Koc Honorary Chairman Rahmi Koc as saying Migros and Wal-Mart were in talks.

"We do not comment on this kind of speculation," said Wal-Mart spokesman Bill Wertz.

Wertz said Wal-Mart had no particular policy regarding operations in Turkey but the Bentonville, Arkansas-based company was always interested in growth internationally.

UPDATE: It's true:
Former CEO of the Turkish Koc Holding Rahmi Koc confirmed that US retail giant Wal-Mart is in negotiations with Migros Turk, the Turkish supermarket chain, 'Zaman' paper reported....

Koc Holding officials commented that it is normal for Migros Turk to negotiate with various leading companies of the international retail market.

Posted by Kevin on December, 29 2004 at 03:41 PM