Metro selling majority stake in Chinese operations

Germany’s Metro AG has called for bids for a majority share its Chinese network of 95 stores which it values at around $2 billion. Potential buyers include supermarket operators Wumart and Yonghui, while the electronics retailer Suning Holdings Group is also believe to be considering a bid. Citigroup and JP Morgan will advise Metro, which announced that the first round of non-binding bids are due during the second week of April. The German wholesaler opened its first store in Shanghai in 1996, eventually building the operation to employ a staff of 11,000 around the country. Metro produced $3bn in sales in China during its 2017 financial year.