An executive for Li Ka-shing’s CK Hutchison Holdings has dismissed speculation that its supermarket chain ParknShop could merge with rival Wellcome.
Dominic Lai, CK Hutchison group co-director, was answering a question at the company’s general meeting on Thursday. according to in Indexbox.
Last month, the Financial Times reported this Jardines was in “negotiations” with CK Hutchison to buy ParknShop and merge it with Wellcome, citing four anonymous sources familiar with the matter.
Wellcome is operated by DFI Retail, a subsidiary of Jardines.
There are about 260 ParknShop branches across Hong Kong and Macau, and about 280 Wellcome stores, according to publicly available information from the two supermarket chains.
On Thursday, Lai reportedly praised ParknShop staff for their work in a competitive environment.
