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 the company may re-join the process at a later stage.
CRE last week signed a joint venture with UK retailer Tesco to combine their Chinese retail operations. As part of the agreement,...