Walmart de Mexico says that Cofece opposes purchase of Cornershop

Retail giant Walmart de Mexico said on Tuesday that the Federal Competition Commission of Mexico notified its majority shareholder, Walmart Inc., “its opposition” to the purchase of Cornershop’s operations.

Walmart de Mexico reported last September that Walmart Inc. would aquire Cornershop’s operations in Mexico and Central America, once it acquired the home delivery platform for 225 million dollars.

“We are analyzing the scope of this resolution and the measures we will adopt, as we are confident that this operation is positive for both the competitive environment and the consumer, and that it drives the development of electronic commerce in Mexico,” Walmex said in a statement.

The transaction announced in September was considered by strategic analysts for the efforts of the largest retailer in the country to strengthen home deliveries and its presence in the incipient local electronic commerce.

Walmex and Cornershop then announced an agreement under which the platform’s customers could buy products at Walmex stores and Sam’s clubs in Mexico at the same price as those sold in physical stores.

Sign Up for Our Newsletters

You May Also Like

Amazon Go: Supermarkets of the future?

After a year of delays in its inauguration and portraying itself as…

Drummond cancels sale process of its mining and transport operation in Colombia

US coal producer Drummond announced on Tuesday that it canceled the sale…

Samsung will invest US $ 22 Billion in AI, Auto Electronics and 5G

The Samsung group, the largest family conglomerate in South Korea, said in…

Mexichem’s profits fall 80% in the fourth quarter of 2017

The industrial chemical conglomerate Mexichem reported Wednesday that its profits fell 80%…