ParknShop receives bids from Woolworth, KKR
ParknShop, the biggest supermarket chain in China received bids from interested companies such as Woolworths Ltd of Australia, Aeon Co., Japan and China Resources Enterprises Ltd. Other parties interested were KKR & Co and TPG Capital together with a partner and other investors.
After a strategic review of the business last month, Hutchison Whampoa Ltd, who owns ParknShop had set an asking price of between USD3 and USD4 billion. Hutchinson, a Fortune 500 company is controlled by Li Ka-shing considered to be the richest man in Asia.
First round offers for the supermarket business were due Friday. However, none of the companies reportedly interested were available nor could be contacted for comments.
ParknShop was the first foreign retailer chain to open a store in mainland China in 1984. Its first superstore was opened in 2000. Subsequently, megastores in Shenzhen, Guangzhou and Dongguan districts were established.
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