Asda To Sell Stores To Gain OK On $1.1B Netto Deal

Law360, New York (September 23, 2010, 2:23 PM EDT) -- Wal-Mart Stores Inc. subsidiary Asda has offered to sell 47 grocery stores belonging to acquisition target Netto Foodstores Ltd. to soothe competition concerns raised by the U.K. Office of Fair Trading in its review of the $1.1 billion deal.

The OFT said Thursday it was considering the concession — which involves nearly a quarter of the stores the U.K. subsidiary would acquire by purchasing Netto — but added that Asda would need to find suitable, up-front buyers for a number of the stores before the office...
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