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China Resources Enterprises Plans To Partner With Tesco To Bid For Hong Kong's ParknShop Retail Chain

August 22, 2013: 12:00 AM EST
State-owned retailer China Resources Enterprises Ltd. said it may join Tesco PLC to bid for billionaire Li Ka-shing's ParknShop retail chain in Hong Kong. CRE plans to raise debt and may consider selling non-core assets to fund a purchase of the Hong Kong retailer, chief financial officer Frank Lai said. In August 2013, CRE announced a joint venture deal with Tesco, which will merge the companies' retail operations in China. Hutchison is reportedly seeking $3 billion to $4 billion for ParknShop, which had 33 percent of the Hong Kong grocery market in 2012, according to market research firm Euromonitor.
"China Resources May Join Tesco to Bid for Li’s ParknShop", Bloomberg , August 22, 2013, © BLOOMBERG L.P.
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