Merry Mart and Wu-Mart announced yesterday that Wu-Mart had acquired a 75% interest in Merry Mart for 370 million yuan, Beijing Youth Daily reports. The acquisition, reportedly the largest and most influential merger in Beijing retail history, will bring together Beijing\'s largest and fourth-largest chains. According to the terms of the agreement, Merry Mart will remain as an independent brand operated by its former management; the current seven shareholders in Merry Mart will be reduced to two, who will hold 25% of the company.
Wu-Mart president Zhang Wenzhong said that the two companies had been conducting talks for eight months, so despite the surprise with which this news was greeted by in the business world, this was no sudden takeover.
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