June 23, 2019 / 10:27 AM / 3 months ago

Carrefour's talks with Tencent over minority stake have ended: spokeswoman

A Tencent sign is seen during the China Digital Entertainment Expo and Conference (ChinaJoy) in Shanghai, China August 3, 2018. REUTERS/Aly Song

PARIS (Reuters) - Carrefour’s talks with Chinese tech giant Tencent over a potential sale of a minority stake in its business in China are over, a spokeswoman for the French retailer said, after the company agreed a deal with rival Suning.com.

Carrefour, which signed a partnership with Tencent last year in an attempt to stem a decline in sales in China, said earlier it had agreed to sell 80% of its Chinese business to Suning.com.

It said its business partnership with Tencent is unaffected.

“The talks that have started since January 2018 for the sale of a minority stake (in Carrefour China) to Tencent are over,” a spokeswoman for Carrefour said. “However, the strategic business partnership with Tencent remains in place.”

Reporting by Dominique Vidalon; Writing by Mathieu Rosemain

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