Arab Today, arab today wumart to give up cp store deal
Last Updated : GMT 21:25:08
Arab Today, arab today
Arab Today, arab today

Wumart to give up CP store deal

Arab Today, arab today

Arab Today, arab today Wumart to give up CP store deal

Beijing - XINHUA

Chinese supermarket operator Wumart Store Inc will abandon its proposed HK$2.34 billion (US$302 million) takeover of 36 outlets of CP Lotus Corporation on China’s mainland. The news came two months after the companies announced a framework agreement and a share swap deal that would have consolidated their presence in the retail grocery market. Wumart said in a statement “the company would wish to emphasize that it has taken into account the best interests of its shareholders.” CP Lotus Corporation said in a stock exchange filing yesterday that “despite extensive negotiations in good faith,” the two parties were not able to reach agreement on certain key terms for the proposed transactions. Wumart fell 7 percent in morning trading before closing up 0.18 percent to HK$10.96 yesterday while CP Lotus shed 4.3 percent to 20 Hong Kong cents. Wumart had 1.8 percent market share while PC Lotus had 2.3 percent in 2012, said researcher Euromonitor International.

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