Suning to ramp up retail presence with Carrefour deal

Nanjing-based Suning.com is expected to become one of the top five grocery retailers in China after it announced a deal to take a controlling stake in French supermarket giant Carrefour's business in China at a lower-than-expected price.

Carrefour Group announced on Sunday it had agreed to sell an 80 percent equity interest in Carrefour China to Suning.com for 4.8 billion yuan ($698.8 million) in cash. The transaction values 100 percent of Carrefour China at an equity value of 6 billion yuan.

Carrefour Group will retain a 20 percent stake in the business and two seats out of seven on Carrefour China's Supervisory Board.