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Brunei
Sunday, June 26, 2022
30.4 C
Brunei
Sunday, June 26, 2022
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    Suning completes purchase of Carrefour’s China business

    SHANGHAI (AFP) – Chinese retail giant Suning said yesterday it has acquired 80 per cent of French supermarket Carrefour’s China business as it aims to tap online food sales and expand its physical presence.

    Three months after the agreement was first announced, Nanjing-based Suning said in a statement posted on the Shenzhen Stock Exchange that it paid CNY4.8 billion (USD670 million) in the cash transaction completed on Thursday.

    “The comprehensive digitisation of retail elements is the first priority of traditional retail industry facing future development,” said Suning Holdings Group’s CEO Zhang Jindong in a letter to welcome 30,000 Carrefour workers in China. One of the world’s biggest food retailers, Carrefour is in the middle of a major reorganisation after repeated losses.

    The deal in June valued its Chinese operations at EUR1.4 billion (USD1.6 billion). Suning’s stock was up 0.49 per cent at CNY10.32.

    China’s economy is expanding at a slower pace after years of breakneck growth and Beijing has been pushing to boost local consumption amid a global economic slowdown and lingering US-China trade uncertainties. International food retailers have had a rough ride in China.

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