Wal-Mart (NYSE:WMT) Abandons Russia, No Deals Available There

Wal-Mart (NYSE:WMT) announced it is leaving the Russian market, as it has officially closed their business office there.

Doug McMillon, chief executive officer of Wal-Mart’s international operation, said, “Since we have decided to enter the market through acquisition, not green-field development, and since there is no clear acquisition partner in the near term, there is not a business reason to continue our Moscow representative office.”

Wal-Mart that if an “attractive acquisition” were to present itself in the Russian market, they are willing to look at it and acquire the asset.

The giant retailer is looking at other emerging market economies like China, India and Brazil for strategic acquisitions.

Wal-Mart closed Monday at $54.21, down $0.07, or 0.13 percent.