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Seiyu shares surge 13 percent on report Wal-Mart considering Japan takeovers

Seiyu shares surge 13 percent on report Wal-Mart considering Japan takeovers

Shares in Japanese retailer Seiyu Ltd., a subsidiary of Wal-Mart, surged 13 percent Monday after a top executive of the U.S. retail china said in a newspaper interview that the company was looking for takeover opportunities in Japan.
Wal-Mart Vice Chairman Michael Duke told Japan's Nikkei business daily that Wal-Mart welcomed Japanese deregulation taking affect this May that will allow foreign companies to buy out domestic firms through stock-swaps with local subsidiaries.
The changes would allow Wal-Mart more leverage in local takeovers through Seiyu, which is 53.34 percent owned by the Bentonville, Arkansas-based retailer.
Investors rallied behind the news, optimistic about a reallignment in Japan's retail sector. Seiyu's shares rose 22 yen, or 13 percent, to 190 yen (US$1.57;


Updated : 2021-05-10 13:23 GMT+08:00