Wal-Mart to bolster presence in China

American retial giant Wal-Mart Stores will reportedly pay about £560m (€832m) to buy a chain of 100 hypermarkets in China in a deal that could vault it ahead of competitors to become the country’s biggest food and department store network.

American retail giant Wal-Mart Stores will reportedly pay about £560m (€832m) to buy a chain of 100 hypermarkets in China in a deal that could vault it ahead of competitors to become the country’s biggest food and department store network.

The US giant plans to buy the hypermarkets from Trust-Mart, a Taiwanese company, according to The Asian Wall Street Journal says.