Wal-Mart Stores Inc is planning to bid for Hong Kong-based supermarket chain ParknShop, which has been put on the block by its owner A S Watson & Co, a firm controlled by Asia's richest man Li Ka-shing.
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, Reuters yesterday reported, citing people familiar with the matter.
In late July, Hutchison Whampoa Ltd, the investment holding company controlled by Li Ka-shing, announced that its subsidiary A S Watson & Co is conducting a strategic review of its super market retail business ParknShop.
