Wal-Mart Buys Out Partner in Brazil Venture

Wal-Mart Stores Inc. said it bought the full minority interest in its Brazilian joint venture from its partner Lojas Americanas for an undisclosed price, continuing its robust international expansion. Jay Fitzsimmons, Wal-Mart senior vice president, said the Bentonville, Ark.-based retailer now owns essentially all of Wal-Mart Brazil, which controls eight stores and has plans to double that number in the next year. Before the transaction, Wal-Mart owned 60% and Lojas owned 40%. In a separate, related transaction, Brazilian businessman Carlos Alberto Sicupira bought a small equity position in Wal-Mart Brazil. Fitzsimmons said that was to ensure that “we would have some Brazilian interest” in the company. Wal-Mart shares rose 94 cents to close at $39.44 on the NYSE.