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Three Home Appliance Giants Brew Merger
July 23, 2006 |
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Comments | Category: Gadgets & Electronics
Local media report that Gome, the biggest home appliance retailer in China, will soon merge with the other two Chinese electronics retailing giants, Yongle and Dazhong, and the three companies have already reached a preliminary agreement on the issue.
Gome and Yongle have informed the Hong Kong Stock Exchange of the merger, which is expected to be approved within this week.
The amalgamation of these home appliance chain retailers will surely affect the structure of the current home appliance retailing industry in China. After the merger, the number of stores owned by this combo will top 800, and their annual sales will reach CNY80 billion.
In the first-tier markets such as Beijing and Shanghai, the merger will monopolize the home appliance market.
Currently no further details on the merger have been released.
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