Bloomberg News

China Resources Seeks Carrefour Stake, Les Echos Says

November 26, 2012

(Corrects to remove reference to China in headline and first paragraph.)

China Resources Enterprise Ltd. (291) is seeking to buy a stake in Carrefour SA (CA), Les Echos reported today, citing unidentified people.

The Hong Kong-listed company may be interested in a partnership with the French retailer, according to the report.

Vincent Tse, a Hong Kong-based head of strategic planning at China Resources, declined to comment. Calls to Carrefour weren’t answered outside office hours.

Carrefour, France’s biggest retailer, is cutting jobs and exiting overseas markets it doesn’t dominate to generate cash and reduce debt as part of a three-year turnaround plan formulated by Chief Executive Officer Georges Plassat. The retailer in November agreed to sell its 60 percent stake in its Indonesian unit to local partner CT Corp.

To contact the reporter on this story: Adria Cimino in Paris at acimino1@bloomberg.net

To contact the editor responsible for this story: Stephanie Wong at swong139@bloomberg.net


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