BEST BUY IN TALKS FOR STAKE WITH CHINESE RIVAL
AsiaInfo Services, March, 2006
AsiaInfo Services 03-16-2006 Best Buy in Talks for Stake with Chinese Rival BEIJING, Mar 16, 2006 (SinoCast via COMTEX) -- Best Buy, the biggest electronics chain in the US, is in talks to buy a stake in its Chinese rival, Five Star Appliance. The deal will signal the first big march by a foreign retailer into the Chinese household appliances market with an annual sales of USD 63 billion. Earlier, Best Buy said it would open its first store in the country this year.
It is said to set up a strategic alliance with Five Star Appliance, the fourth biggest house appliances retailer in China. The US chain's advisor for the deal is Credit Suisse. Since 2000, the Chinese consumer electronics market has been rising at an average of 15% a year. It is attracting more...
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