Wal-Mart Plans to Double China Stores With Takeover

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n a move that would double the number of its stores in China, Wal-Mart is looking to acquire Chinese retailer Trust Mart for $1 billion, Bloomberg reported.

An agreement between Wal-Mart and privately-held Trust Mart might not be announced for several weeks, as the deal would require regulatory approval, Bloomberg said, citing an individual close to the deal.

Initially, Wal-Mart would look to purchase about 31 of the more than 100 stores Trust Mart operates, Bloomberg said, citing reports on Monday from the Wall Street Journal.

Wal-Mart is ranked No. 2 on the Transport Topics 100 list of the largest private carriers in the United States and Canada.