Wal-Mart weighs bid for Li's Hong Kong supermarket chain-sources
HONG KONG, Aug 7 (Reuters) - Wal-Mart Stores Inc is considering making a bid for the Hong Kong supermarket business being sold by a company controlled by Asia's richest man Li Ka-shing, people familiar with the matter told Reuters.
Li's Hutchison Whampoa Ltd conglomerate has set an Aug. 16 deadline for initial bids for ParknShop, which it values at as much as $4 billion, sparking interest from corporate and private equity buyers.
Wal-Mart, the world's largest retailer, is working with a bank as it weighs its options for ParknShop ahead of next week's preliminary bid deadline, the people added.
Wal-Mart declined to comment. The sources declined to be identified as the discussions were confidential.
Last year, Wal-Mart announced plans to open 100 new stores in China over the next three years and creating 18,000 jobs in an effort to boost its mainland China business. Wal-Mart opened its first China store in 1996 and now operates over 380 stores spread across various formats, including Supercenters, Sam's Clubs and Neighborhood Markets.