Thai conglomerate CP Group’s $300m planned sale of Chinese supermarkets to Wumart has collapsed, the latest casualty of turning sentiment in China’s powerhouse retail sector.
Chinese retailers have been dragged down by the country’s slowing economy, and several international players have been exiting or cutting their exposure, including Tesco of the UK.
The failure of CP’s all-share deal, announced in October and which would have seen it sell 36 supermarkets, also torpedoes a plan by the two companies to take stakes in each other’s businesses and boost their Asian regional expansion.
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