ParknShop is mainly a Hong Kong business but it also has a presence on the mainland, where operates about 65 stores.
State-backed China Resources Enterprise has pulled back on its ParknShop bid, according to a source familiar with the matter.
“The company could not get comfortable with the valuation and price,” the source said. According to reports, Hutchison Whampoa is asking about $3 billion-$4 billion for its ParknShop supermarket chain.
However, given the fluid nature of the deal process - where bidders come and go - it is possible that ...