GUANGZHOU -- Chinese retailer Suning.com will acquire the local operations of France's Carrefour Group, looking to turn around and leverage a well-established business that has struggled in the face of the country's flagging economic growth and the rise of e-commerce.
The Suning Holdings Group unit will pay 4.8 billion yuan ($699 million) for an 80% stake in Carrefour China, which mainly operates hypermarkets. The deal will reinforce the "market competitiveness of fast-moving consumer goods" operations, Suning said Sunday.
