News Summary: Wal-Mart has China OK for e-commerce
Tuesday - 8/14/2012, 5:05pm ET
(AP) - ONLINE OK: Wal-Mart Stores Inc., the world's largest retailer, received conditional approval from regulators IN China to buy a majority stake in a Chinese e-commerce company.
PRIME CUT: Wal-Mart will increase its stake in Yihaodian's holding company to about 51 percent from around 17 percent. The financial terms of the deal were not disclosed.
BIG DEAL: Yihaodian sells more than 180,000 products, ranging from groceries to electronics to clothing. The deal improves Wal-Mart's access to Chinese consumers who increasingly use smartphones and social media to shop.
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