CRE pulls back from ParknShop race

China Resources Enterprise pulls back after being uncomfortable on price, according to a source, although it is possible the state-backed company may re-join the process at a later stage.

CRE pulls back from ParknShop race

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 ...

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