Target Acquires Wal-Mart Stores, Inc.
In an aggressive bid to oust rival Walmart, Target Store of Minneapolios, Minnesota, has purchased 51% of Walmart stock, and now holds the controlling interest in Wal-Mart Stores, Inc.
The move shocked industry analysts who had heard nothing of the takeover until it was announced by Target CEO, Gregg W. Steinhafel, at a news conference this morning. Steinhafel said the move consolidates two of America's largest corporations which will now work together to proudly represent U.S. interests around the globe.
The Target Corporation, originally the Dayton Dry Goods Company was founded in 1902. It was the second-largest discount retailer in the United States. The purchase of Wal-Mart Stores, Inc. now makes it number one.