Aeon buys Carrefour business in Malaysia
Japanese retailer Aeon Co is set to acquire France-based Carrefour's Malaysian business for slightly more than 20 billion yen (US$250 million) as part of its push into Southeast Asia, the Nikkei said.
The deal, which is expected to be completed by next week, will make Aeon, Japan's No.1 supermarket operator, one of the biggest retailers in Malaysia, the business daily reported.
Carrefour, the world's No. 2 retailer, has been struggling to come up with cash to cut debt and fund the revival of its struggling European hypermarkets. In 2010, Carrefour sold its business in Thailand to Big C Supercentre for Bt35.5 billion. The company said in August it would shut its two stores in Singapore by the end of this year.
Aeon, which has overseas operations in mainland China, Hong Kong and Thailand, plans to open stores in Indonesia, Vietnam and Cambodia, Nikkei said.
In the fiscal year ended February 2012, outside of Japan, Aeon Group operates 2,458 stores. In Japan, it operates 12,094 stores.
