Seiyu Ltd. said Friday that Wal-Mart Stores Inc. of the United States will raise its stake in the retailer from 42 percent to over 50 percent by the end of the year, making it a subsidiary of the U.S. retailing giant.
An agreement between the companies in 2002 gave Wal-Mart the right to acquire over half of Seiyu by this Dec. 28.
Friday's announcement underscores the U.S. juggernaut's commitment to the Japanese market, despite its current difficulties here.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.