The world's largest commodity retailer Wal-Mart has finally acquired Trust-Mart, one of the largest foreign-owned retailers in China, for US$1 billion.
Trust-mart has been talking to buyers for a long time and has attracted a lot of international groups including Wal-Mart, Carrefour, and Tesco.
Wal-Mart will first take 31 stores from Trust-mart in China and then take over the rest of its stores within the next three years.
Though ranked as the largest retailer in the world, Wal-Mart has fallen behind Carrefour in the speed of expansion and sales in China. It now has 62 stores in China, while Carrefour has 82. However, after purchasing Trust-mart, Wal-Mart will integrate all its 107 stores which will enable it to have many more stores than Carrefour in China.