German wholesale giant Metro Group has turned down an offer of more than US$500m from Thai conglomerate CP Group to purchase its cash and carry business in Vietnam.
“Our Vietnam business is not for sale,” a Metro spokesman told the media, according to Inside Retail Asia.
Metro’s cash and carry business in Vietnam is comprised of 19 stores, located in Ho Chi Minh City and Hanoi.
The offer from CP Group is the latest in a series of acquisitions as the company expands domestically and overseas.
Its notable purchases include acquiring Thailand’s discount store chain, Siam Makro.
Metro, by contrast, has been divesting non-core businesses and departing unprofitable markets.
While the Germany company currently has more than 2,200 stores in 32 countries, it has halted operations such as its consumer electronic store Media Markt in China due to tough competition.
Regardless, the company remains optimistic about its prospects in China and adamant on its cash and carry operations in Vietnam.
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