Economy

Walmart confirms it is weighing an IPO for British supermarket Asda

Walmart confirms it is weighing an IPO for British supermarket Asda

Walmart, often described as the world's largest retailer, has already listed its Mexico operations and has been buying smaller companies, such as online shopping Jet.com, as well as brands such as Bonobos and Bare Necessities, to expand into new areas.

Walmart International boss Judith McKenna said the U.S. chain is considering an initial public offering (IPO) for its United Kingdom subsidiary, but said it was "not rushing into anything".

Retail giant Walmart (NYSE: WMT) confirmed it's considering an IPO for British supermarket Asda after its recent merger with Sainsbury's was rejected by United Kingdom regulators, according to CNBC.

But she added that such a move could "take years".

"It would be good for the market if Asda does IPO", he said, "as it would have to disclose more information than it does now as part of Walmart". Bloomberg News reported at the time that Walmart was exploring options for the unit, with an IPO one of the alternatives on the table.

More news: Trump Administration Introduces a New Legal Immigration System. Here are the Details

CMA ruling reportedly blocked one potential exit route for Walmart from the UK.

McKenna said the U.S. retailer did not have a "one size fits all" approach to its divisions around the world and that Asda should focus on improving its operations, including the implementation of £80m of price cuts to take on rivals such as Aldi and Lidl.

Walmart bought Asda in 1999 for £6.7 billion.

Judith McKenna, chief executive of Asda's owner Walmart, told managers at an event at Asda's Leeds head office that a flotation is being considered.

Burnley said the retailer had earmarked £80 million for price cuts in 2019, as well as detailing a number of initiatives created to make shopping hassle free.


  • Tim Hortons parent company RBI wants to have 40,000 restaurants worldwide

    Tim Hortons parent company RBI wants to have 40,000 restaurants worldwide

    As it stands, the company's public valuation is now around $5.35 billion with its stocks trading as high as $91.80 per share. Get ready to start your day the plant-based way.
    Diver breaks record for deepest dive

    Diver breaks record for deepest dive

    The first-ever expedition to Challenger Deep was made by the US Navy in 1960, reaching a depth of 10,912 meters. Deep Sea Diving is one of the most outdoor adventurous actiivites that many people resort to while holidaying.
    The OnePlus 7 Pro has already had a software update

    The OnePlus 7 Pro has already had a software update

    The smartphone was launched at an event in Bengaluru on 14 May along with the OnePlus 7 and OnePlus Wireless Bullets V2 earphones. It is running on a Snapdragon 855 processor that can be configured with up to 12GB RAM and up to 256GB of UFS 3.0 storage.
  • Pei dies at 102

    Pei dies at 102

    As with the Suzhou Museum , Pei had a personal connection to this project - his father was previously a manager at the bank. Among his most well-known projects were the Louvre Pyramid in Paris, the Bank of China Tower in Hong Kong and the John F.
    Chelsea Manning jailed again after refusing to testify against WikiLeaks

    Chelsea Manning jailed again after refusing to testify against WikiLeaks

    Swedish prosecutors have reopened an inquiry into rape allegations against him and are seeking to extradite Assange to Sweden. The indictment against Assange alleges that he conspired with Manning to try to crack a password stored on U.S.
    Grumpy Cat Dead - Beloved Internet Famous Cat Dies at 7

    Grumpy Cat Dead - Beloved Internet Famous Cat Dies at 7

    She looked " grumpy " because of feline dwarfism and an under-bite, meaning her lower jaw came forward more than it was meant to. Grumpy Cat Limited sued the owners of the US coffee company Grenade for exceeding an agreement over the cat's image.
  • Show Us What Your Dream McLaren GT Looks Like On New Configurator

    Show Us What Your Dream McLaren GT Looks Like On New Configurator

    The UK pricing has been announced at £163,000 (UK) which is approximately Rs 1.46 Crore, excluding import duty and taxes. It is aimed at a new type of McLaren buyers looking for more comfort, space and usability in their long-distance trips.
    Apple iPhone 2019 Flagship Feature Leaked: Check Out!

    Apple iPhone 2019 Flagship Feature Leaked: Check Out!

    The International Business Times previously reported that the 2019 iPhone XR is going to have a dual-camera setup at the back. But the iPhone 11R news doesn't end there, as Mac Otakara is out with a report of its own.
    Boeing says it has completed 737 Max software fix

    Boeing says it has completed 737 Max software fix

    It is unclear when the 737 Max aircraft will return to service but USA airlines have said they hope the jets will fly this summer. Federal Aviation Administration (FAA) and would work with the regulator to schedule its certification test flight.
  • Rolling Stones back on the road after Mick Jagger's recovery

    Rolling Stones back on the road after Mick Jagger's recovery

    The legendary rockers will hit the Valley on August 26 , the band announced Thursday. 22 - The Rose Bowl , Pasadena, Calif. 7 p.m. It was announced the next day that Jagger had a stent placed in his heart to relieve a blockage and treat weakened arteries.
    Trudeau says China's arrests of two Canadians 'unacceptable'

    Trudeau says China's arrests of two Canadians 'unacceptable'

    He is a senior adviser for the International Crisis Group, which researches peaceful solutions to global conflicts. Public Safety Minister Ralph Goodale says they are not ruling out similar action for Canada .
    Massimiliano Allegri to leave Juventus after five years at club

    Massimiliano Allegri to leave Juventus after five years at club

    I am satisfied working with this club, with the people here. "How many times do I have to say?" I am not going anywhere. Juventus have confirmed manager Massimiliano Allegri will stand down at the end of the 2018/19 season.