Business / Carrefour price gouging

China Resources to buy Carrefour stake

(Agencies) Updated: 2012-11-27 10:56

China Resources Enterprise Ltd is seeking to buy a stake in Carrefour SA, Les Echos reported on Monday, citing unidentified people.

The Hong Kong-listed company may be interested in a partnership with the French retailer, according to the report.

Vincent Tse, a Hong Kong-based head of strategic planning at China Resources, declined to comment.

Carrefour "formally denies" the report in Les Echos, Laetitia Noel, spokeswoman for the company, said over the phone.

Carrefour, France's biggest retailer, is cutting jobs and exiting overseas markets it doesn't dominate to generate cash and reduce debt as part of a three-year turnaround plan formulated by Chief Executive Officer Georges Plassat. The retailer in November agreed to sell its 60 percent stake in its Indonesian unit to local partner CT Corp.

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