Wal-Mart mulls Brazilian acquisition as it looks to enter lucrative South American market

U.S.-based Wal-Mart is the biggest company in the world, thanks to its aggressive pursuit of growth over the past few decades. The company has been thwarted in its attempts to break into emerging markets in South America, but according to a report from The Wall Street Journal, the retail giant could be close to entering Brazil.

Brazil is a member of the so-called BRIC economies, of which Russia, India and China are included. Rich in natural resources, the South American country has experienced explosive economic growth over the past decade.

Brazil is a prime target for companies looking to expand into Central and South American nations, as goods manufactured in the country are not subject to import tariffs in the increasingly lucrative market.

According to a report from The WSJ, Wal-Mart is serious about working with the French retailer Carrefour SA to purchase its Brazilian outfit. Wal-Mart officials have previously engaged with Carrefour executives, but they failed to reach a deal in the past because of price issues.

While Wal-Mart representatives have not officially met with their counterparts from Carrefour, a person familiar with Wal-Mart's plans told the news provider that the company hopes to buy the French supermarket giant's Brazilian retail stores, which experts say are likely worth between $6 billion and $8 billion.