Carrefour, Europe’s largest retailer, took a decisive step towards exiting China on Sunday as it sold the majority of its struggling business in the country.
The French group said that it had agreed to sell 80 per cent of Carrefour China to Suning.com, a Chinese retailer with more than 8,881 stores in more than 700 cities.
The all-cash deal worth €620m values the Chinese business at €1.4bn, including debt, and is set to close by the end of the year.
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