HONG KONG/DUESSELDORF, Germany, Oct 11 (Reuters) - China's Wumart Stores has emerged as the front runner to clinch a majority stake in German retail giant Metro's China business, sources familiar with the auction told Reuters.
Metro declined to comment.
The German wholesaler is selling a majority stake in its China operations, which include 95 stores and real estate assets in major cities such as Beijing and Shanghai, in a deal that would value the business at between $1.5 billion and $2 billion.
The sale move is part of a global reorganisation of the wholesaler and comes as China's wholesale and retail sectors are experiencing disruption from e-commerce players. (Reporting by Matthias Inverardi in Duesseldorf, Julie Zhu in Hong Kong and Arno Schuetze in Frankfurt Writing by Edward Taylor Editing by Michelle Martin)