(Recasts with Wal-Mart announcing, adds stake-holder comment)
SANTIAGO Dec 19 U.S. retailing mammoth
Wal-Mart Stores Inc (WMT.N) said on Friday it launched an
all-cash offer to buy Chile's biggest supermarket chain, D&S
DIS.SNDYS.N, setting itself up to gain a major foothold in
one of Latin America's most competitive retail markets.
D&S, Chile's biggest supermarket chain, said in a statement
to the Chilean bourse late on Friday that the offer would be
made within 10 days and was for $0.408 per share. It was being
made in the name of Inversiones Australes Tres Limitada, a unit
The offer was also for $24.48 per ADR, equivalent to 60 D&S
D&S controlling shareholders Felipe and Nicolas Ibanez
Scott have committed the sale of 23.4 percent of the company to
the deal initially, but will remain owners of a 40 percent
stake, D&S said.
Wal-Mart said the offer represented a premium of about 37.4
percent over the average closing price for the prior 30 trading
"We are taking an important step here ... we will focus in
this stage on creating a great new drive for the company,
linked to a global presence," said Felipe Ibanez, controlling
shareholder and D&S president.
If completed, the deal would give Wal-Mart a foothold in
Chile's highly competitive retail market.
"This will mark a new era in Chilean retail, with more
competition, new, more sophisticated products and more
services," a Chilean buy-side analyst told Reuters on condition
Earlier this year Chile's anti-trust tribunal nixed a
proposed takeover of D&S by regional retailer Falabella
(Reporting by Pav Jordan; Editing by Gary Hill, Toni