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Mexican regulator opposes Walmart's $225M purchase of Cornershop


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Mexican regulator opposes Walmart's $225M purchase of Cornershop

Wal-Mart de México SAB de CV said June 4 that the Mexican antitrust regulator has expressed its objection to Walmart Inc.'s proposed acquisition of Latin American delivery service Cornershop.

In September 2018, the U.S. retail giant announced its plan to acquire the business, which is based in George Town, Cayman Islands, and operates in Mexico and Chile, for $225 million.

Most recently, Walmex said the Federal Economic Competition Commission has informed its Bentonville, Ark.-based parent of its decision.

"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 e-commerce in Mexico," Walmart's Mexican unit said.