|The Cash & Carry chain entered the Vietnamese market in 2002 and boasts 19 super markets across the country. The group's revenues reached $692 million last year.— Photo baodautu
HA NOI (VNS) — German retailer Metro Group has reportedly reached a deal with Thailand's Berli Jucker to sell its Viet Nam-based Cash & Carry unit for more than US$500 million.
A representative from Metro Cash & Carry Viet Nam declined to comment on the news but stated: "We will release information if there are any changes."
The Wall Street Journal reported that Metro chief executive Olaf Koch wanted to re-organise the company's operations, dropping other brands to focus on Cash & Carry, its main food business. However, the deal with Berli Jucker was an exception to the strategy.
The Thai company showed an interest in Metro's wholesaler operations in Viet Nam last year. At that time, Metro Group declined that there was any possibility of an acquisiton.
The Cash & Carry chain entered the Vietnamese market in 2002 and boasts 19 super markets across the country. The group's revenues reached $692 million last year.
The move consolidates an earlier move by Berli Jucker into the Vietnamese market when it entered a partnership with Family Mart Viet Nam and transformed the retailer into B'mart. — VNS