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Dairy Farm to Pay $925 Million for China’s Yonghui Stake

Dairy Farm International Holdings Ltd., an operator of supermarkets and retail stores, is paying 5.69 billion yuan ($925 million) to buy 20 percent of Yonghui Superstores Co. as it seeks to tap China’s growing consumer market.

“Dairy Farm has for some time been looking for opportunities to participate in the large and high growth Chinese market,” Graham Allan, chief executive officer of Dairy Farm, said in a statement to the London Stock Exchange yesterday. “This strategic partnership with Yonghui provides an attractive way to do that.”