Wal-Mart agrees to buy Chinese chain

CHICAGO - Wal-Mart Stores has agreed to acquire a Chinese super centre chain for about US$1 billion ($1.5 billion) in a move that would give the world's largest retailer the biggest food and department store network in China, the Wall Street Journal reported today.

The deal is for the 100 Chinese super centres owned by Trust-Mart, a closely held Taiwanese company, the Wall Street Journal reported in its online edition, citing unnamed people familiar with the deal.

A Wal-Mart spokesperson declined to comment.

If approved by Chinese regulators, the deal would push Wal-Mart past Carrefour SA for the most super centers in China. Super centres, also known as hypermarkets, are giant stores that sell a wide range of general food and merchandise.

Wal-Mart beat Carrefour out in bidding for the Trust-Mart stores, the Wall Street Journal said.

- REUTERS