Wal-Mart Confirms Successful Tender Offer for Chilean Retailer
Bentonville, Ark. Wal-Mart Stores said Friday that its tender offer to acquire Distribucion y Servicio D&S S.A., Chile’s largest food retailer, was successful. As a result, Wal-Mart will buy about 58.2% of the issued and outstanding shares of D&S.
The chain said that Felipe Ibanez Scott and Nicolas Ibanez Scott will retain about 40.1% of D&S shares, while the public will hold about 1.7%.
According to Craig Herkert, Wal-Mart executive VP and CEO of the Americas, “Partnering with D&S, with its strong brands and its position as Chile’s largest food retailer, is an important step in implementing Wal-Mart’s international strategy. We continue to focus on portfolio optimization, global leverage and winning in every market.”
With 2007 net revenues in excess of U.S. $3.8 billion, D&S has more than 180 stores, 10 shopping centers and 85 PRESTO financial services branches.
Former Circuit City finance chief moves to OfficeMax
NAPERVILLE, Ill. OfficeMax announced that Bruce Besanko will assume the role of EVP and CFO effective Feb. 16.
Besanko served most recently as EVP of finance and CFO for Circuit City Stores. Before joining Circuit City in 2007, he was SVP of finance and CFO for The Yankee Candle Company from 2005 to 2007. He served as VP of finance for Best Buy from 2002 to 2005.
Blockbuster names digital entertainment SVP
DALLAS Blockbuster has hired former Philips executive Kevin Lewis as SVP of digital entertainment. In this newly created position, Lewis will be responsible for the development and execution of the company’s initiatives to deliver Blockbuster-branded content to consumers via both established and emerging technologies such as direct-to-home connected devices, set-top boxes, portable video players, DVD vending machines and digital kiosks.
Before joining Blockbuster, Lewis served as chief of strategy and new business development for Philips Consumer Lifestyle, a $20 billion product division of Royal Philips Electronics, headquartered in Amsterdam. At Philips, Lewis led a global team that oversaw worldwide strategy development, product innovation, mergers and acquisitions, and technology development.