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Sears/Kmart Acquires France
Iowahak has the details-
The retail industry received another shake-up today as Sears Holding Corp. (NYSE: S), the parent company behind the recent merger of Sears and Kmart, announced the acquisition of embattled European cheesemaker France (NASDAQ: FROG). The buyout deal, estimated at $2.7 billion, will position Sears/Kmart/France as the world's third largest retailer and 15th ranked military power.
Reaction of Wall Street was mixed, with shares of Paris-based France rising 11% in late trading after the announcement, while Hoffman Estates, IL-based Sears Holdings dropped 19%.
"The acquisition of France indicates there will be further consolidation within the low-end, weird-smelling retail segment," said Ivan Kaplan, a retail analyst with Bear Stearns. "I wouldn't be surprised if Sears picks up another floundering discounter like Winn-Dixie. Or possibly Spain."
What about Orangina? Can we get that cheaper now?
That'd be cool....
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