2 July, 2008 – Carrefour is poised to raise its stake in its Chinese retail joint venture with Grandbuy from 55% to 80%.
It is reported the French supermarket giant has agreed to pay its Guangzhou-based partner 40 million Yuan (almost US$ 6 million) for the extra 25% share of the company Carrefour Guangzhou (China) Co.
Grandbuy had, earlier this year, offered to sell the stake for 34 million Yuan on a local equity exchange.
The Chinese Ministry of Commerce will have to approve the deal before it can go through.
The other shareholders in the venture are Taiwan food manufacturer Uni-President China Holdings Ltd. and Guangzhou Wansheng Enterprises Co. - each with a 10% stake.