Wal-Mart 'pleased' with Yihaodian deal

BEIJING -- US retail giant Wal-Mart Stores Inc said Wednesday it was "pleased" with a deal to control Chinese e-commerce website Yihaodian that just passed China's anti-monopoly examination.

The Ministry of Commerce approved plans by Wal-Mart to increase its stake in a holding company of Yihaodian to 51.3 percent from 17.7 percent, on Tuesday.

Christina Lee, senior director of Wal-Mart China's corporate affairs, in response to China's approval of the deal, said: "Wal-Mart is committed to developing e-commerce business in China. We are optimistic about Yihaodian's strong management and are pleased with this investment."

The deal was granted with restrictive conditions that will prevent Wal-Mart from entering China's value-added telecommunications service market through Yihaodian's business, which the MOC feared may impede market competition.

The transaction still needs further regulatory approval and has to meet other final conditions to be completed, Lee said.

If successful, the acquisition will allow Wal-Mart to gain control of China's largest online supermarket and grab a bigger slice of the country's booming online shopping market.