China Resources SZITIC Trust Co Ltd, a unit of China Resources Corp, is planning to divest minority stake in Wal-Mart Stores Inc. The state-backed China Resources Trust has a minority stake in the US retailer's operations in China. Wal-Mart Stores Inc has 21 Wal-Mart outlets in China. China Resources has listed its stake for sale at Yuan3.3billion ($525million). It's estimated that China Resources has 35 percent stake in the Wal-Mart outlets in China. Wal-Mart believes the transfer of minority stake doesn't impact the operations in China.
Warren Buffett's Berkshire Hathaway Inc (BRKa.N) (BRKb.N) on Friday said third-quarter profit fell 9 percent as it took a large writeoff on one of its investments, but operating results easily topped forecasts amid improvement in its insurance, energy and railroad operations.
British retailer Tesco's $110 million investment in Tata-owned Trent Hypermarket has received approval from India's Department of Industry Policy and Promotion (DIPP). This will pave the way for Tesco to get a clearance from the country's Foreign Investment Promotion Board (FIPB).
The procedures for the Nov 19 auction had been approved by a bankruptcy court.
British retail giant Tesco Plc is partnering with Tata conglomerate subsidiary Trent to open stores in India.
Analysts advised foreign grocery chains to be cautious about expanding their businesses in China.
Tesco Plc paid HKD4.33 billion or USD588 million for 20% of its venture with China Resources Enterprise Ltd.
Tesco Plc had filed for bankruptcy for its US stores last Monday and planned a sale of 167 stores to Yucaipa Cos led by billionaire Ron Burkle.
Tesco said it has agreed on a joint venture with a state-run company in China.
Bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies.