Walmart considers Asda float

Walmart considers Asda float

News of a possible float of Britain's fourth-largest supermarket comes only weeks after United Kingdom antitrust regulators blocked a planned merger with rival J Sainsbury Plc.

Walmart International CEO Judith McKenna disclosed the plans to a meeting of 1,200 managers held on Tuesday, but said the path to a share offering would "take years", CNBC reported.

Judith McKenna, Walmart's global chief executive, said: "While we are not rushing into anything, I want you to know that we are seriously considering a path to an IPO - a public listing - to strengthen your long-term success". The company would need to wait until the grocery market is more attractive to investors, he said. Visit MarketWatch.com for more information on this news.

Retail giant Walmart has said it is considering a stock market listing for Asda, just weeks after the supermarket's failed attempt to merge with rival Sainsbury's.

Britain's competition regulator ruled Sainsbury's 7.3 billion pound ($9.4 billion) takeover of Asda could not proceed, blocking one potential exit route for Walmart from the UK.

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Walmart, which would have kept a significant stake in the enlarged business, is now understood to be looking at a range of options for Asda's future.

Chief executive Roger Burnley told staff in Leeds yesterday Asda will cut £80m in prices over the rest of the year.

McKenna said the USA retailer did not have a "one size fits all" approach to its divisions around the world and that Asda should focus on improving its operations, including the implementation of £80m of price cuts to take on rivals such as Aldi and Lidl.

Burnley said the retailer had earmarked £80 million for price cuts in 2019, as well as detailing a number of initiatives created to make shopping hassle free.

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