Carrefour has signed an agreement to acquire 51 per cent stake in Baolongcang, a major hypermarket operator in the fast growing Hebei region, close to Beijing, in China. Baolongcang’s founders will retain the remaining 49 per cent stake in the joint venture. Baolongcang operates 11 hypermarkets and recorded net sales of around €113m in 2009.
The transaction has been approved by local competition authorities. The deal is part of Carrefour’s strategy to reinforce its presence in growth countries where the group has leadership positions. Carrefour has been operating in China since 1995. In 2009, the company posted net sales of €3,473 million in mainland China through its 156 hypermarkets and 360 hard discount stores.
— IndiaRetailing Bureau
