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STORES | Staff Reporter, China
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Weekly News Wrap: China's beef consumption close to recovery; Future Retail challenges Amazon over $3.4b deal

And CP Group gets conditional antitrust approval to buy Tesco's local retail business.

From Bloomberg:

Beef consumption at restaurants in China has almost fully recovered from the COVID-19 pandemic, according to South America’s biggest exporter of the meat.

Food-service demand reached 90% of the volumes seen before the pandemic, Minerva SA Chief Executive Officer Fernando Galletti de Queiroz said on a conference call with analysts Wednesday. Visits to Chinese train and bus stations and airports have reached a record, suggesting a solid economic recovery that bolsters the outlook for the fourth quarter, he added.

Exports to China are expected to be strong in a period when the country usually stockpiles food to get ready for its New Year festivities. The Asian nation is the main consumer of Brazilian beef, accounting for about 60% of the nation’s shipments.

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From Reuters:

Future Retail has challenged its partner Amazon.com Inc in a New Delhi court to stop interfering in its $3.4b asset sale deal, the Indian company said.

Amazon is locked in a bitter legal dispute with Future Group, which in August sold its retail assets to Mukesh Ambani-led Reliance Industries. The deal breaches agreements made in 2019 by Future, according to the U.S. online retailer.

Amazon last month won an injunction to halt Future’s deal with Reliance from a Singapore arbitrator both sides had agreed to use in case of disputes. Future later said the order wasn’t binding, prompting Amazon to lodge a complaint with India’s market regulator.

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From Bloomberg:

Charoen Pokphand Group (CP Group) won the Thai antitrust agency’s approval for its $10.6b acquisition of British retailer Tesco’s local retail business with some conditions.

Billionaire Dhanin Chearavanont’s CP Group is barred from other modern-retailing mergers for three years, excluding e-commerce, Thailand’s Office of Trade Competition Commission said Friday, whilst clearing the deal announced almost eight months ago.

CP Group will gain control of a network of about 2,000 hypermarket and grocery stores across Thailand. The ruling didn’t mention a smaller number of stores in Malaysia, which is part of the agreement with the British retailer.

The agency’s approval marks the exit of Tesco’s 22-year-presence in Thailand under the Tesco Lotus brand and cements CP Group’s position as the nation’s dominant retailer.

Read more here.

Photo from Unsplash.

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