|
|
|
Wednesday May 14, 10:12 AM
Homeplus to Buy's Korean Discounter Homever for US$2.2 BLNSEOUL, May 14 Asia Pulse - Homeplus (KSE:032710), British retail giant Tesco Plc's South Korean unit, will buy a whole stake in South Korea's No. 4 discounter Homever(KSE:053000), for 2.3 trillion won (US$2.2 billion) from E-Land Group, industry sources said Wednesday. E-Land Group, South Korea's fashion retailing group, acquired Homever for 1.75 trillion won from French retailer Carrefour SA in 2006 and have been operating 35 stores of the discount chain nationwide as of May.
Earlier this month, E-Land Group signed a preliminary deal with European private equity fund Permira, under which 400 billion won would have been invested in getting Homever back up on its feet, after it posted a net loss of about 200 billion won last year. However, the planned sale of Homever will nullify the deal, the sources added. Samsung Tesco Homeplus Co., is the nation's No. 2 discount store retailer, following E-Mart Co., owned by Shinsegae Co. (Yonhap)
|
|
Copyright ©
2008
AsiaPulse Pte. Ltd. All rights reserved. Retransmission,dissemination or publication is expressly forbidden. Asia Pulse gives no warranty or guarantee as to the accuracy of the information and shall not be liable for errors, omissions, or delays or interruptions in the service.
|
