Reuters: Mergers News: Wal-Mart says bribe probe won't hurt international growth

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Wal-Mart says bribe probe won't hurt international growth May 31st 2012, 19:04 ROGERS, Ark. | Thu May 31, 2012 3:04pm EDT ROGERS, Ark. May 31 (Reuters) - Wal-Mart Stores Inc does not expect ongoing investigations into possible foreign bribery to impact new store growth internationally, Walmart International CEO Doug McMillon said on Thursday. The world's largest retailer has been under fire from shareholders and activists after the New York Times reported in April that management at Wal-Mart de Mexico, or Walmex, allegedly orchestrated bribes of $24 million to help it grow quickly last decade and that Wal-Mart's top brass tried to cover it up. "I'm not expecting any impact as it relates to new store growth, we'll see, only time will tell," McMillon told reporters gathered in Rogers, Arkansas. "We're not going to tolerate a lack of compliance in any country around the world or at any level in the company," he said when asked about the investigations. Wal-Mart would like to grow in Japan, and would consider acquisitions to do so, he added Shares of Wal-Mart rose 1.5 percent to $66.45 on Thursday afternoon. Wal-Mart was one of the few retailers posting gains during the session.

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