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Report: Metro extends deadline for China assets auction

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Report: Metro extends deadline for China assets auction

German food retailer Metro AG extended the deadline for submitting bids for its China operations to next week, Reuters reported Aug. 13, citing people familiar with the matter.

By extending the deadline, Metro reportedly plans to give potential bidders more time to perform due diligence.

The report said a consortium consisting of Chinese startup Meicai and Hopu Investments might place an offer for the business. Another potential bidding group includes Yonghui Superstores Co. Ltd. and Hillhouse Capital Group, the news outlet said.

It was previously reported that Walmart Inc., Tencent Holdings Ltd. and Alibaba Group Holding Ltd. — working with Taiwanese hypermarket chain RT MART International Ltd. — were considering being part of the auction.

The potential deal could value Metro's China unit at between $1.5 billion and $3 billion, Reuters reported in March.

Metro did not immediately respond to S&P Global Market Intelligence's request for comment.

The news comes shortly after Metro disclosed that EP Global Commerce VI GmbH's takeover bid for the company fell through.