12-08-2014 02:54 AM | China

Dairy Farm strikes $925m Chinese supermarket deal

Asia’s retail sector continues to churn out M&A deal activity with Dairy Farm International agreeing on Monday evening to buy a 19.9% stake in Yonghui Superstores for Rmb5.7 billion ($925 million), marking its entry into China’s growing supermarket business.

Dairy Farm, which is part of the Jardine Matheson group, operates Wellcome, Hong Kong’s largest supermarket chain, as well as beauty chain Mannings, making it a key rival to Li Ka-shing controlled AS Watson, which operates supermarket chain ParknShop and beauty chain Watson.
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