Baolongcang operates 11 hypermarkets and recorded net sales of RMB 1.06bn in 2009. The transaction has been approved by local competition authorities.
This transaction 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, Carrefour posted net sales in mainland China of €3,473m through its 156 hypermarkets and 360 hard discount stores.
Carrefour has also reported its second-quarter financial results.
“In a contrasted environment, we posted solid sales in the first half, with continued market?share gains in France, strong growth in Latin America and faster growth in Asia,” said Lars Olofsson, CEO and board member of Carrefour. “In Belgium, we reached an agreement with our partners allowing us to start anew on an improved and stronger footing. We’re also consolidating our positions in growth markets through acquisitions of hypermarkets in China and of supermarkets in Turkey.
“With its first-half performance, flawless execution of the ‘Transformation Plan’ and the executive board team now in place, Carrefour is building on its momentum to achieve its 2010 objectives.”
See the full Carrefour financial release here.
Source: Carrefour
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