Companies from Japan, China and Australia are vying to acquire Hong Kong supermarket chain ParknShop, which has been put up for sale by investment holding company Hutchison Whampoa.
While Japanese retailer Aeon is reportedly thought to be the frontrunner, competitors from China include the state-owned China Resources Enterprise and retailer Sun Art Retail Group, according to local media reports.
From Australia, leading retailers Woolworths and Wesfarmers are also thought to be considering a bid for the leading supermarket chain, which enjoyed a 33.1 per cent share of the Hong Kong Market in 2012.
Initial estimates put the revenue expected to be generated from the sale at US$2bn, but the widespread interest from major retailers has resulted in revised approximations of A$4bn (US$3.69bn).
Hutchison Whampoa has named 16 August as their deadline for receiving opening indicative bids.
There are currently 345 ParknShop stores across Hong Kong, Macau and China, making it Hong Kong’s second largest supermarket after Dairy Farm International Holdings’ supermarket chain, Wellcome, which leads the Hong Kong retail market with a 39.8 per cent market share.
