With its financial performance and stock price a rare bright spot in a world where most retailers are hitting 52-week lows, Wal-Mart (NYSE: WMT) is getting aggressive on the acquisition front - something that hasn't historically been part of the company's growth plan until it started its overseas expansion.

On Friday, Wal-Mart made a cash tender offer to acquire Distribución y Servicio D&S SA (NYSE: DYS), the largest grocery store chain in Chile. If all of the company's shares are tendered, which is unlikely, the deal would be valued at $2.8 billion. The company's largest shareholder, the Ibanez family, which owns a controlling stake, has already agreed to tender 23% of its shares as part of a plan to allow the company to continue to operate with its current management. Wal-Mart reserves the right to withdraw its tender offer if it is unable to lock up at least a 50% stake in the company.

Wal-Mart's strategy for its grand entrances into new markets has been to acquire a leading retail chain to begin the effort with strong market share and gain the confidence of locals.

In a press release announcing the offer, Michael Duke, Wal-Mart's vice chairman explained the move: "Moving into Chile is an important step in implementing Wal-Mart International's strategy. We continue to focus on portfolio optimization, global leverage and winning in every market. A successful tender offer will give Wal-Mart the opportunity to be a significant participant in Chile, which continues to have a strong and growing economy among South America countries."