Authorities Reject Walmart Mexico's Purchase of Cornershop
- by Kayla Webb
MEXICO - Walmart’s expansion plans in Mexico, one of the retailer’s largest markets, have been thwarted. Reuters reported that Mexico’s Federal Competition Commission has rejected Walmart’s acquisition of Cornershop—which the retailer first began to acquire back in September of 2018.
“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 disclosed in a statement following the commission’s opposition, according to Reuters.
Walmart initially announced its plans to acquire the grocery delivery company for $225 million—plans that were intent on keeping Amazon on its toes in territory Walmart has deemed its own.
The commission did not comment on why it blocked the acquisition.
For more of the latest happening in retail around the world, keep reading AndNowUKnow.