French retail group Carrefour has purchased an additional 25 per cent stake in its Chinese supermarket joint venture Guangzhou Jiaguang Supermarket from its partner Guangzhou Grandbuy.
Grandbuy has confirmed that the deal, at a cost of CNY40m (US$5.8m), will take Carrefour's overall stake in the group to 80 per cent.
The deal is subject to approval by the Chinese ministry of commerce,Grandbuy said in a statement to the Shenzhen Stock Exchange.
The remaining shareholders in Guangzhou Jiaguang Supermarket are Taiwanese group Uni-President China Holdings and Guangzhou Wansheng Enterprises, who each hold a 10 per cent share.
