The founding Walton family plans to reduce its ownership stake in Walmart Stores,
Fortune
reported.
The family will contribute shares to a charitable trust that will sell them over time, the article said.
Because of share buybacks in recent years, the family owns about 50% of Walmart, “a threshold the company does not want to exceed,” the
Fortune
report said.
The family's holding company, Walton Enterprises, “plans to gradually distribute approximately 6% of Wal-Mart's outstanding shares – or some 193.5 million shares, worth $15.6 billion at current share prices – to a newly formed entity, the Walton Family Holdings Trust,”
Fortune
reported.
The company plans to continue its buyback plan, and “the Waltons plan to continue to sell their shares to keep their stake close the current level of ownership,” the article said.
The report noted that the trust “has no set timetable for selling shares and expects this could take years.” (Source:
Fortune
, April 10, 2015.)
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