Hutchison Whampoa, controlled by Hong Kong’s richest man Li Ka-shing, has scrapped the sale of ParknShop, Hong Kong's largest supermarket chain by market share.
The company said that, after completing an initial strategic review with advisors Goldman Sachs and Bank of America Merrill Lynch, a sale of ParknShop by a private market transaction “would not deliver maximum value to the shareholders of the company.
Hutchison was seeking $3 billion-$4 billion for the supermarket chain, which was deemed to be steep for a mature market such as Hong Kong, and one that faces expensive rents.
According to one source, there was a mismatch...
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