Suning buys 80pc of Carrefour China ops

Chinese retail giant Suning said yesterday it has acquired 80 per cent of French supermarket Carrefour’s China business as it aims to tap online food sales and expand its physical presence. Three months after the agreement was first announced, Nanjing-based Suning said in a statement posted on the Shenzhen Stock Exchange it paid 4.8 billion yuan (RM2.7 billion) in the cash transaction completed on Thursday. Carrefour is in the middle of a major reorganisation after repeated losses.