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Trade news Carrefour bids for Nextmart 2005-07-29 15:32:13 (has been browse 195 times) 　France's Carrefour SA, the world's second-largest retailer, said it plans to invest 200 million yuan (US$24.6 million) to purchase rival Nextmart, launching a new round of competition in Shanghai's retail market. 　　If the deal is completed, it would represent Carrefour's first acquisition since it entered the Chinese retail market 10 years ago. 　　"They do have the intention to purchase us, but we are still involved in negotiations," said a Nextmart staff member in the general manager's office who refused to provide further information. Carrefour officials were not available for comment yesterday. 　　Meanwhile, Wal-Mart, the world's largest retailer, will hold a grand opening ceremony for its first outlet in Shanghai's Pudong today. 　　More and more foreign retailers, including Metro AG, Lotus and Auchan, stepped up their expansion in Shanghai as well as in other parts of China since the government lifted market restrictions as part of commitments made to the World Trade Organization. 　　As a result, the competition among the foreign giants and their domestic counterparts is becoming more intense.