Wal-Mart will not rule out Matalan bid
Takeover Panel calls for clarification
Wal-Mart has declined to rule out a possible bid for discount retailer Matalan in a statement prompted by the Takeover Panel.
The City watchdog asked Asda owner Wal-Mart to clarify its position in the light of a newspaper report at the weekend. The [i]Sunday Times[/i], in a comment attributed to an adviser to Wal-Mart, said the world’s biggest retailer had ruled out a bid for Matalan.
In a statement to the stock exchange, the US company said “these comments were not authorised by Wal-Mart. The only authorised statement, in accordance with Wal-Mart’s normal policy, is that Wal-Mart does not make comments regarding its future intentions”.
Asda is planning a general merchandise format in the UK, prompting suggestions that many Matalan stores would fit this model.
However, with rival Tesco also reported to have held preliminary takeover talks with Matalan in the past year, Wal-Mart may simply be ensuring that it keeps all options open.
