Colombian Retailer Olimpica Says Not Selling To Wal-Mart

Colombian Retailer Olimpica Says Not Selling To Wal-Mart

Dow Jones
August 04, 2008: 06:51 PM EST

BOGOTA -(Dow Jones)- The owners of Colombian retailer Supertiendas y Droguerias Olimpica SA denied they are negotiating with Wal-Mart Stores Inc. ( WMT) to sell a stake in the retailer, Antonio Char, Olimpica's legal representative, said in a filing to the local securities regulator.

"Olimpica hasn't carried out any negotiation with Wal-Mart," Char told the securities regulator after the regulator ordered Olimpica to clarify a report published by local news magazine Semana on Sunday.

Semana said Wal-Mart plans to enter into the Colombian market by acquiring Barranquilla-based Olimpica.

"It is deeply regrettable that Semana Magazine publishes this type of information that creates wrong expectations about our current activities," added Char, whose family controls the company.

John Simely, Wal-Mart spokesman, didn't return phone calls seeking comment.

Closely held Olimpica is the country's third-largest retailer behind Almacenes Exito SA (EXITO.BO), which is controlled by French retailer Casino Guichard Perrachon SA (12558.FR), and the local unit of rival French retailer Carrefour SA (12017.FR), according to the Semana annual list of the country's biggest companies.

In the past couple of years, Wal-Mart has registered more than 40 brands in Colombia.

-By Diana Delgado, Dow Jones Newswires; 57-315-3088934; diana.delgado@ dowjones.com

(Inti Landauro contributed to this article.)

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(END) Dow Jones Newswires
08-04-08 1851ET
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