Walmart buys Amazon for $13.9 billion
by Steve MaraboliCNNMoneyEditor’s note: This story has been updated to include a comment from Amazon.com.
The company says the deal is for $3.1 billion.
Read moreCompanies are trying to tap into Amazon’s growing online business as it has struggled to compete with traditional retailers.
Walmart has a strong online presence, with millions of customers paying for its online shopping services and products on the website.
Its stock jumped 5% after the news was announced on Tuesday.
Its shares jumped 4.5% in afternoon trading.
In a news release, Walmart said the transaction is subject to regulatory approval, which will be made after the company completes a full review of the deal.
The deal is expected to close in the second quarter of 2019, Walmart spokesman David Johnson said.
Read MoreWalmart’s stock has surged more than 80% in 2017, when it surpassed Amazon as the world’s largest online retailer.
Walmarts stock has nearly tripled over the past three years.
Its market value has grown by more than $40 billion since 2009, according to FactSet data.
Read about Walmart’s history:Walmart first opened in 1947, and in 2012, the company started offering groceries through AmazonFresh, which is based in the United States.
Walter Block, who was the company’s president from 1991 to 2013, said the deal could give Walmart an edge on competitors, such as AmazonFresh.
India: Indian companies pay more than US for shampoo, conditioner
Indian companies are paying more for shampoo and conditioner than US companies, the United States’ leading shampoo and cosmetics retailer said on Wednesday.
India’s largest shampoo and beauty brand, Washi, said in a statement that the companies that supply its products are making “big profits” but the “price is too high”.
The US-based company said it has been providing conditioners to its customers for at least four years.
“We have been supplying conditioners for at over six years in India.
We have never paid more for a shampoo or conditioner from an Indian company,” the statement said.”
However, we are in a unique position in the market because we have access to a global supply chain and our products are available in the United Kingdom, Australia, Japan and Canada,” Washi said.
India is one of the biggest consumers of shampoo and face scrubs globally.
In March, Washio, the world’s biggest cosmetics retailer, said its sales rose 14 per cent in the past year to reach $1.5 billion.
Indian companies are competing with global brands for the lucrative shampoo market.
US companies, including Johnson & Johnson, the cosmetics giant, and Gillette, maker of the Gillette Razor, have been making inroads into the domestic market with new products that cost up to $20,000.
India-based shampoo and body wash makers also compete in the industry, with a few firms offering cheaper and less hygienic options.
A number of Indian brands have launched products in the US.
The Washi shampoo and makeup range is made in the country, while the Indian brand Shampoosmith is in the USA.
Shampooshaversmith is the only brand to offer its products in a local market.
Washi said the company has invested more than $200 million to establish a US manufacturing base and create more than 700 jobs in the city of New Delhi.
