By  on September 24, 2012

HONG KONG Li & Fung Ltd. chief executive officer Bruce Rockowitz said Monday the company’s revised contract with Wal-Mart Stores Inc. is “materially pretty much the same.”

The Hong Kong-based manufacturing and logistics giant said last week it had a new five-year agreement with Wal-Mart, superseding an earlier agreement made in 2010. The new agreement drops a call option agreement Wal-Mart had to buy Li & Fung’s direct sourcing subsidiary, Direct Sourcing Group Pte.

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