Carrefour Looks To Buy Top Chinese Retailer Hebei Bao Longcang

Carrefour is looking to buy the leading China-based retailer Hebei Bao Longcang. The two companies are in talks to finalize what will be Carrefour’s first acquisition since it entered the Chinese market. Carrefour Chief Executive Officer Lars Olofsson was previously quoted as saying that the company will hasten growth in China. Hebei Bao Longcang was founded in 1998 and operates 14 stores in seven cities in the provinces of Hebei and Shandong. It reached RMB 3.16 billion in revenues last year. Industry data showed growth of Carrefour’s same store sales in China grew 4.5% year-on-year from January to March this year. In 2009, Carrefour sales in China rose 16% from a year ago.