Walmart wants more in the UK

Walmart, the giant American retailer, is interested in the British Home Retail Group (HRG), which comprises both the Argos chain and the Homebase DIY stores. Industry insiders believe that a takeover is only a matter of time. After HRG shares finished 40 per cent down at the end of 2010, the latest talk has focused on a bid of up to £ 2.4 bn from Walmart, which already owns Asda, a supermarket chain, in the United Kingdom. Growing its non-food and general merchandising business is something that Walmart has often talked about, because it would love to trump Tesco, or so the experts believe. Only recently has Walmart taken over 51 per cent of Massmart, a South African retailer. Analysts are of the opinion that the company has plenty of funds at its disposal for yet another takeover.