If Tesco’s joint venture with China Resources is an admission of defeat for the UK supermarket group in the world’s second-largest economy, it is also a warning to potential bidders for ParknShop.
Foreign grocery store operators might be tempted to see the Hong Kong-based chain – the subject of a recently announced “strategic review” by parent Hutchison Whampoa – as a stepping stone into China, but the costs and difficulties of growing a fresh food business in such a vast country are easily underestimated.
Bankers at Bank of America Merrill Lynch and Goldman Sachs are seeking potential bidders for the business as part of the review.
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