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April 13, 2015

Walton Family to Boost Giving Via Sale of Walmart Stock

The family behind Walmart is putting 6 percent of its shares in the retail behemoth into a newly formed trust for possible sale, in part to finance greater charitable giving, Reuters reports. The sale of the stock, worth $15.6 billion at the current share price, also aims to offset increases in the Walton family's overall Walmart stake, which has crept above 50 percent due to a stock-buyback program launched in mid-2013.

In a statement Friday, the company said the Waltons would sell shares "from time to time" to finance philanthropic activity and maintain "an appropriate balance of family and nonfamily ownership that supports the goals of all Walmart shareholders and long-term business success." The sale of the new trust's 6 percent stake will take place over a period of years, the firm said.