Wal-Mart is suing the Puerto Rico Justice Department over its decision to block the company’s $225 million acquisition of the 35-store Supermercados Amigo grocery chain.
Yesterday, a Superior Court judge in Puerto Rico temporarily blocked Wal-Mart's acquisition of Supermercados Amigo on the grounds that the purchase could violate the island’s antitrust laws. The decision by the judge came despite the fact that the US Federal Trade commission (FTC) had approved the sale.
The decision prohibits Amigo from transferring its holdings to Wal-Mart until the courts issue a final decision in the matter.
Wal-Mart already owns 19 stores in Puerto Rico.
Yesterday, a Superior Court judge in Puerto Rico temporarily blocked Wal-Mart's acquisition of Supermercados Amigo on the grounds that the purchase could violate the island’s antitrust laws. The decision by the judge came despite the fact that the US Federal Trade commission (FTC) had approved the sale.
The decision prohibits Amigo from transferring its holdings to Wal-Mart until the courts issue a final decision in the matter.
Wal-Mart already owns 19 stores in Puerto Rico.
- KC's View:
- You have to consider Puerto Rico the underdog in this fight.
