The Walton family, which controls supermarket giant Walmart, intends to sell more than 70 million shares, equivalent to about 2% of the family business.
Walton Entreprise, controlled by Rob Walton, Alice Walton, Jim Walton and the John Walton Estate Trust, will register for sale 70,615,608 of the company’s shares, Walmart said in a filing with the Securities and Exchange Commission.
After the sale, the family, which currently holds about 49% of Walmart's shares through the Walton Family Foundation, will see its stake reduced by about two percentage points.
Brothers Sam and Bud Walton established Walmart in 1962. Second-generation Rob, worth $19.8 billion (€14.8 billion) according to Forbes, currently serves as chairman of the company. His younger brother Jim, whose fortune is estimated at $20.7 billion, also sits on the board.
In fiscal 2011, Walmart had revenues of $419 billion.