ASDA Wal-Mart

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Between 1999 and 2009 Asda was owned by Wal-Mart. [1]

"In the previously undisclosed group restructuring that took place in August [2009], the world's largest retailer let its subsidiary Wal-Mart Stores (UK) sell 3.1bn ordinary shares in Asda in return for a £5.7bn cash payment from Corinth, a fellow Wal-Mart group company, and £1.24bn in shares.

"At the same time five Asda directors, including marketing guru Rick Bendel and retail director Andy Clarke, were appointed to Corinth's board, joining existing directors Andy Bond, Asda's chief executive, and Judith McKenna, Asda's finance director. " [2]

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References

  1. Corporate Watch UK ASDA/WAL-MART: A Corporate Profile, organizational web page, accessed June 26, 2012.
  2. telegraph Wal-Mart 'sells' Asda for £6.9bn in group restructuring, organizational web page, accessed June 26, 2012.