Walmart mulls stock market listing for UK arm Asda

18 May, 2019, 04:46 | Author: Regina Silva
  • Walmart mulls stock market listing for UK arm Asda

Judith McKenna, Walmart's worldwide chief executive, said Walmart was "seriously considering a path to an IPO - a public listing".

But she cautioned that any preparations for an IPO would "take years", according to comments released by Asda afterwards.

Walmart has confirmed it is considering an IPO for British supermarket arm Asda, after its proposed merger with domestic rival Sainsbury's was blocked by the United Kingdom regulator last month.

Supermarket chain Asda could be floated, staff were told on Wednesday, after the competition authorities derailed its proposed tie-up with rival J Sainsbury.

The Competition and Markets Authority (CMA) vetoed the deal, saying it would lead to increased prices in stores, online and at petrol stations across the United Kingdom, with shoppers left "worse off" and quality affected.

Walmart has revamped its worldwide portfolio by selling a majority stake in its Brazilian business and acquiring a majority interest in Indian e-commerce leader Flipkart Group in its biggest-ever deal.

Tesla's solar factory is exporting most of its cells
Tesla said it has started making electrical components for the latest version of its electric vehicle Supercharger in Buffalo. Today, the companies operate separately at the Buffalo factory , according to one current and one former Panasonic employee.


Realme X Android phone to roll out in India, China soon
Keeping all of that running, we get a 3,765 mAh battery which is slightly smaller than the Realme X Lite's 4,045 mAh pack. The main highlight of the display is that it is notch less and the selfie camera is embedded with a popup functionality.


Galaxy S10 5G now available at Verizon, starting at $1,299
This will (hopefully) prevent users from peeling it off under the mistaken belief that it's an everyday screen protector. A new report from Yonhap News claims that the company is planning to tuck the protective display layer into the body.


The remarks by Ms McKenna are the first time that Walmart has spoken about the future of its United Kingdom operations since the CMA blocked the deal.

The U.K. remains one of the most competitive retail markets in the world. Union leaders said they had demanded an urgent meeting with Asda's bosses to seek reassurances for staff about the future of the company.

GMB national officer Gary Carter said there was "uproar among the workforce" over plans to change Asda employees' contracts.

He called on the supermarket to address that "debacle" before any stock market listing took place.

"Walmart does not have a one-size-fits-all approach to operating its global markets, but a consistent focus on strong local businesses powered by Walmart", she added.

Burnley also confirmed Asda would "accelerate our price position", briefing staff on plans to invest £80 million ($103.3 million) in the price throughout the rest of 2019.

Recommended:



Popular

Faulty Pixel users to get up to $500 from Google
The unlucky customers who experienced the problem a few times because of faulty replacements are the ones who can claim $500. A final decision will be made by the courts on 5 June, and if the deal is approved Google will start splashing the cash.

BC Government Calls Public Inquiry into Money Laundering that has National Implications
By this measure, B.C. ranked fourth for money laundering among six regions in Canada. The methodologies and data used are far from accurate, however, as the report noted.

YouTube beauty star James Charles haemorrhages 2.5m subscribers in bitter feud
I want the picking sides, and the abusive memes and the language, and all of that, I really hope on both sides it can stop. It's painful to watch someone that you have cared for be dragged and to know that this started because of me.

Apple iPhone 2019 Flagship Feature Leaked: Check Out!
Mark Gurman and Debby Wu from Bloomberg have listed a set of features that will appear in the upcoming iPhone 11 . The next-generation iPhone XR's color options may have already been revealed, according to a new report .

Fernando Alonso Crashes McLaren at Over 220 MPH During Indy 500 Practice
It's not a bad start. "I'm sorry for the team and the guys that have to work a lot now". Practice continues this week, and qualifying is this weekend.

Tesla to update battery software after recent car fires
Earlier this week, the Apple Daily newspaper in Hong Kong reported that a Tesla Model S caught fire in a parking structure. Hong Kong's Fire Services Department has confirmed it's investigating a fire, without identifying the make of the auto .

IM Pei: celebrated architect behind Louvre pyramid dead at 102
During the Second World War, he worked as a research scientist for the U.S. government before going on to work as an architect . During his career, he won many awards, including being awarded the Presidential Medal of Freedom by George H.W.

Federer pulls out of Italian Open with leg injury
That's why I'm kind of confused right now because I literally woke up in the morning and couldn't move my thumb. Osaka also withdrew before a semifinal in Stuttgart, Germany, last month due to an abdominal injury.

Trump tells aides he does not want USA war with Iran
Recently, Iran has also warned the United States that although it does not want a conflict, it will defend itself at all costs. Other signatories to the deal the European Union, France, Britain, China and Russian Federation have been trying to salvage it.

Sony and Microsoft Partnering to ‘Enhance Customer Experiences’ Using the Cloud
Sony already has its own streaming service, PlayStation Now , which allows users to stream PS4 exclusives on their PC. Rivals Sony PlayStation and Microsoft Xbox are joining up forces to bring a better gaming experience to customers.