(Bloomberg) -- Walmart Inc. is seeking to raise as much as $3.74 billion by selling its stake in Chinese e-commerce firm JD.com Inc., ending an eight-year...
-- Walmart Inc. is seeking to raise as much as $3.74 billion by selling its stake in Chinese e-commerce firm JD.com Inc., ending an eight-year partnership in a key retail arena now plagued by an economic downturn and intense competition.The US retailer is offering 144.5 million shares in a $24.85 to $25.85 price range, people familiar with the matter said. Morgan Stanley is the broker-dealer handling the offering, they added, asking not to be identified because the information is private.
Walmart’s Sam’s Club has been a rare bright light for the company. In China, the unit offers premium goods with a membership model and has been a success in the supermarket business. However, the company’s other outlets are struggling as rivals chase cash-strapped shoppers. That deal also involved JD.com taking over Walmart’s Yihaodian online marketplace, which focused on selling groceries to higher-end female shoppers in major Chinese cities, the companies said then. Later that year, Walmart increased its holdings in JD.com to 10.8%.Harris packs the Wisconsin arena that hosted RNC while the Obamas prepare to address DNC in Chicago
“The only reason we found it that early is because I prioritized myself into making sure I got a mammogram," the 'Boy Meets World' alum saidJD.com dived overnight on a report that Walmart is selling its stake in the Chinese e-commerce giant at a big discount.
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