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BENTONVILLE, AR-Chile is Wal-Mart Inc.’s next Latin American push, with supermarket chain Distribucion y Servicio D&S targeted for acquisition. Wal-Mart has launched a tender offer to buy outstanding shares of Chile’s largest grocer for just under $.41 per share.

Though a specific number of shares outstanding wasn’t available, Bloomberg News says the tender offer is valued at about $2.66 billion. Beginning today, the offer price is a premium of approximately 37.4% over the average closing price taken from the prior 30 trading days. A spokesman with Wal-Mart says a closing date for the offer hasn’t yet been announced.

According to a press release from Wal-Mart about the pending acquisition, a minimum condition of the offer is at least 50.01% of D&S’s fully-diluted common shares. To demonstrate its support for the offer, controlling stockholders in the Ibanez family have agreed to tender a portion of their D&S shares. The release goes on to say that the Ibanez family will enter into a long-term agreement with Wal-Mart, which will continue to operate D&S under the existing leadership, employees and brand names.

The Wal-Mart spokesman tells GlobeSt.com the Chilean grocer has approximately 180 stores throughout the country. Though the offer was just announced, the spokesman says the stores will likely continue operating under the D&S brand. “We were attracted to D&S because of the strength of its leadership team and because the company shares our core values and philosophies,” the spokesman went on to say.

“Moving into Chile is an important step in implementing Wal-Mart International’s strategy. We continue to focus on portfolio optimization, global leverage and winning in every market,” says Michael T. Duke, vice chairman, Wal-Mart Stores, Inc. in a press release. “A successful tender offer will give Wal-Mart the opportunity to be a significant participant in Chile, which continues to have a strong and growing economy among South America countries.”

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