Wal-Mart sells Asda to Corinth in UK restructuring

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Wall-Mart Stores (UK), which did own Asda, sold 3.1 billion ordinary shares in the chain in return for a £5.7 billion payment from a subsidiary called Corinth, plus £1.24 billion in shares.

The company would not comment on why it had carried out the restructuring. It stressed that the valuation was a historic one for Asda.

A statement from the group said: "Corinth is the new parent company of Asda Group, having previously been a subsidiary. As part of good financial management of our business we will, from time to time, alter that structure as appropriate."

Existing Corinth directors, Andy Bond, the chief executive of Asda, and finance director Judith McKenna were joined on the Corinth board by marketing head Rick Bendel and retail director Andy Clarke.