Wal-Mart Limps Out of Germany to Ogle Oz

01 August 2006

BENTONVILLE, ARKANSAS: The planet's largest retailer Wal-Mart, having last week hobbled away from the German market, is now sizing up Australia's two largest supermarket chains, Woolworths and Coles Myer, reports Britain's Sunday Telegraph.

"Wal-Mart has been looking at Australia closely," an executive close to Wal-Mart told the newspaper. "After the German situation it will be looking to do a deal very quickly."

Neither of the Australian businesses were prepared to comment on Wal-Mart's alleged interest. The Bentonville behemoth, which is forecast to make a $1 billion (€784.4m; £563.3m) pre-tax loss in the second quarter of its financial year, was likewise zip-lipped.