June 4, 2019 / 10:46 PM / 14 days ago

Walmex says Mexican competition authority opposes Walmart's Cornershop purchase

FILE PHOTO: Men walk past the logo of Walmart outside a store in Monterrey, Mexico February 12, 2018. REUTERS/Daniel Becerril

MEXICO CITY (Reuters) - Mexico’s biggest retailer, Wal-Mart de Mexico, said on Tuesday that the nation’s Federal Competition Commission opposes its parent company Walmart Inc’s acquisition of grocery delivery platform Cornershop.

“We are analyzing the scope of this resolution and the measures we will adopt, since we are sure that this operation is positive for the competitive environment and for the consumer, and that it drives the development of eCommerce in Mexico,” said Walmex in a statement.

The Federal Competition Commission was not immediately available to comment.

Walmex announced last September that it had struck a deal to acquire Cornershop for $225 million, reflecting the firm’s growing investments in online delivery services across the globe as it aims to compete with Amazon.com Inc.

Analysts said the deal would help Walmex quicken deliveries for its Walmart, Superama and Sam’s Club stores in Mexico.

Reporting by Anthony Esposito; Editing by Frank Jack Daniel and Lisa Shumaker

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below