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. Last Updated: 07/27/2016

Bid for ASDA Accepted

LONDON -- U.S. retail giant Wal-Mart Stores Inc. said Tuesday its pounds 6.7 billion ($10.7 billion) takeover of British supermarket ASDA Group PLC had been accepted by shareholders.

Wal-Mart said the deal had gone unconditional as it now owned or had valid acceptances representing 77.96 percent of shares in ASDA, Britain's third largest supermarket group. Wal-Mart announced its 220 pence ($3.48) per share bid for ASDA in June, scuppering plans for British retailer Kingfisher to merge with ASDA.

Retail industry observers in Britain say that Wal-Mart will be a formidable competitor to British retailers but have played down the likelihood of a price war, at least in the short term.