US retail giant Wal-Mart Stores Inc has upped its stake in Chile's D&S following the purchase of more than a third of the shares of brothers Felipe and Nicolas Ibanez Scott in a follow-up tender offer.
According to a report in El Mercurio, the brothers made the decision to reduce their share from 40 per cent to 25 per cent, in turn boosting Wal-Mart's stake to just over 73 per cent from the 58.2 per cent it acquired in January.
'Given the good prospects of the joint venture with Wal-Mart, we decided to maintain a very significant percentage, which is equivalent to 25 per cent,' Nicolas Ibanez told the publication.
Meanwhile, D&S has secured an US$80m loan to finance short-term capital, it said.
