Fresh reports in Russia have claimed that US-based retail giant Wal-Mart Stores Inc. is in talks to acquire domestic hypermarket chain Lenta, a move that would finally mark Wal-Mart's entry into the market.
Wal-Mart already has an office in Moscow, where a team has been working on a Russian entry scheme for a number of years, and the group joined the Russian Retail Association in 2009 in a bid to explore entry opportunities.
A source close to the company told Reuters this week that Wal-Mart would not be interested in merely buying a stake in Lenta, but would look to acquire the whole company.
'It is fair to say at this point there has been some information exchanges and some discussions but the talks are still pretty informal,' the source said. 'There is genuine interest but nothing is imminent...talks have been going on since the beginning of the year.'
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