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Dazhong Plans To Sell Itself For CNY3 Billion
August 24, 2006 |
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Home electronics retailer Dazhong is planning to sell itself for CNY3 billion and it is discussing stock transfers with three home appliance retailing giants Suning, Best Buy and Gome.
Dazhong had earlier reached an agreement with Yongle on a possible merger. However because Yongle reached another agreement with Dazhong's competitor Gome, Dazhong chose to end the contract with Yongle and began searching for another buyer.
According to the plan of Zhang Dazhong, president of Dazhong, Suning is his first choice because it has fewer stores in Beijing, and the procedures of merging Dazhong will be easier than with the other two companies.
Dazhong owns 70 stores in Beijing, and more than 110 stores around China.
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