Wal-Mart’s Unit Offers to Buy British Stores

From Reuters

Wal-Mart Stores Inc.'s British supermarket chain Asda has approached Safeway Plc with an offer to buy 70 of its stores for close to $3.48 billion, sources close to the situation said.

Safeway and Wal-Mart declined to comment.

Wal-Mart shares fell 14 cents to $52.81 on the New York Stock Exchange.