Carrefour is locked in a legal battle with Chinese conglomerate Suning over payment for a deal to acquire the French retailer’s stores in China, which are in crisis after the pandemic gutted the business in the country.
Suning has been ordered by a court in Hong Kong to pay Carrefour more than Rmb1bn ($134mn) as part of a 2019 deal to buy the French food retailer’s Chinese outlets, Carrefour chief financial officer Matthieu Malige told the Financial Times.
Suning, the Alibaba-backed owner of Italian football club Inter Milan, bought an 80 per cent stake in Carrefour’s China business in 2019 for Rmb4.8bn at the tail-end of a debt-fuelled dealmaking spree.
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