French retail giant Carrefour has signed an agreement to acquire 51% of Chinese hypermarket operator Baolongcang.
The founders of Baolongcang, one of the main hypermarket operators in Hebei, near Beijing, will keep a 49% stake in the 11-store chain.
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The acquisition has been approved by local competition commission authorities.
In 2009, Baolongcang’s stores posted CNY1.06bn (US$156.4m) sales excluding taxes.
Carrefour said today (15 July) the acquisition highlights its efforts to “strengthen its presence in the growth markets where it holds a leading position”.
Carrefour, the world’s second-largest retailer, already operates 156 hypermarkets and 360 hard discount stores in the country.
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By GlobalDataMeanwhile, Carrefour also reported its second-quarter and first-half sales figures.
The numbers included a 5.7% increase in second-quarter like-for-like sales in China. Over the first six months of 2010, Carrefour’s like-for-like sales in China rose 5%.
