Lotte Shopping, South Korea's second-largest retailer, is in talks to buy a controlling stake in Times, the Chinese supermarket operator, to expand its presence in the world's fastest-growing major economy.
Lotte's move will rival a $600m bid from Chinese retailer Wumart Stores for the Chinese supermarket chain, and comes after Times invited a number of potential bidders to review the company's operations.
“We are reviewing opportunities to expand in China through mergers and acquisitions and buying Times could be one of the options,” said a Lotte spokesman.
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