China’s leading supermarket retailer Wumart Stores (1025.HKG) has reached an agreement to acuqire the Chinese business of its competitor CP Lotus (0121.HKG) for about US$372 million, The Wall Street Journal reported. The proposed deal is Wumart’s latest move to consolidate China’s fragmented retail grocery market. The acquisition will add 36 stores to Wumart’s 145 markets and 396 minimarkets across China, according to a statement from the company. Wumart will take control of CP Lotus stores in the cities of Beijing and Shanghai and provinces other than the southern regions of Guangdong and Hunan, the statement said.
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