Back in September, Walmart Mexico announced plans to acquire Cornershop for $225 million. But it looks like Walmart might not get to add the grocery delivery platform's services to its fold. Reuters reported that Mexico’s Federal Competition Commission has rejected Walmart’s acquisition of Cornershop.
“We are analyzing the scope of this resolution and the measures we will adopt, since we are sure that this operation is positive for the competitive environment and for the consumer, and that it drives the development of e-commerce in Mexico,” Walmart disclosed in a statement following the commission’s opposition, according to Reuters.
The commission did not comment on why it blocked the acquisition.
Walmart had initially planned to use Cornershop to keep Amazon on its toes in territory Walmart has deemed its own. How will this halted acquisition affect Walmart's goals and plans in one of its largest markets? Deli Market News will continue to keep an eye on all happenings.