China Resources Enterprise (CRE) has agreed to buy a chain of hypermarkets and a Shandong-based brewery from its unlisted parent in a deal worth US$636.1 million, the South China Morning Post reported. CRE hopes the acquisition of Home World hypermarkets and China Resources Snow Breweries will allow it to expand into markets in northern China. According to the terms of the deal, CRE will make the acquisitions in exchange for a textile operation and 10% stakes in Hongkong International Terminals and Hutchison Ports Yantian, as well as US$3.87 million in cash. CRE is making the purchase as part of a broader strategy of transforming into a consumer-focused group, the company said.
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