date:Oct 18, 2013
pay HK$2.34 billion to take over 36 stores from C.P. Lotus in Beijing, Shanghai and elsewhere, excluding outlets in Guangdong and Hunan provinces.
C.P. Lotus agreed to pay HK$2.89 billion for 206.6 million of Wumart's H shares. After the proposed transaction, C.P. Lotus will own a 13.77 percent interest in Wumart, while Wumart will hold a 9.99 percent interest in C.P. Lotus, making each company the other's second-largest shareholder.
Wumart bags Lotus outlets
Xu Ying, president of Wumart Stor