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US retailer Walmart Stores Inc got approval from the Ministry of Commerce, with restrictive terms, for its purchase of a stake in China's online retailer Yihaodian, the ministry said in a statement on Aug 14.
In late February, Walmart said that it planned to increase its investment in the fast-growing Chinese online store. At the time, Walmart said it wanted to increase its stake from 20 percent to about 51 percent.
The US retailer will buy a 33.6 percent stake in Yihaodian to become the majority shareholder of the company and gain controlling rights in the online store's Internet direct sales business.
Yihaodian's business covers online direct sales and added-value telecommunication services.
The ministry said that Walmart is required to fulfill some requirements, as part of the restrictive terms imposed on the approval, because it believes that the deal might have the effect of eliminating or restricting competition.
For example, Walmart will not be allowed to get involved in Yihaodian's added-value telecom services after the deal is completed, the statement said.
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