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South Korean retailer Lotte Shopping to buy Chinese supermarket operator Times, rivaling a bid from Wumart Stores
By Thomas Frommherz for CEOWORLD Magazine Updated:October 12, 2009
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South Korean retailer Lotte Shopping Co. (023530.KS) is in discussions to buy a controlling stake in Times Ltd (1832.HK). Lotte bid to acquire a 72.3% stake in Times, looking for synergies in China.
Chinese supermarket chain Wumart Stores Inc. (8277.HK) is also in talks to acquire its smaller rival Times.
Times’ majority shareholder put the company up for sale in August in hopes of fetching more than $560 million for the retailer.
Seoul-based Lotte Shopping is in discussions to pay cash for a 72.3 percent stake in Times from Chairman Kenneth Fang, the people said, asking not to be identified because the talks are private. Times shares were halted in Hong Kong after rising 4.3 percent to a two-year high of HK$4.64, boosting its market value to $523 million.
Lotte Shopping is attempting what could be the biggest acquisition in China by a Korean company, according to data compiled by Bloomberg. The retailer, which operates a department store in Beijing, would add 65 outlets in the world’s fastest- growing major economy with a purchase of Times. Wumart said Sept. 24 it has held talks with Times.
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