December 16, 2013 / 12:55 AM / 4 years ago

Supermarket operator CP Lotus says Wumart deal lapsed

HONG KONG, Dec 16 (Reuters) - Supermarket operator CP Lotus Corp said on Monday its deal with Chinese superstore and mini-mart chain operator Wumart Stores Inc has lapsed because they were unable to make "sufficient progress" on agreeing to key terms.

CP Lotus is controlled by CP Group, the conglomerate run by Thai billionaire Dhanin Chearavanont.

In a separate statement, Wumart said it had not entered into "definitive documentation" before the long stop date and that the long stop date had not been extended.

The companies gave no further details on the lapse of the deal.

In October, Wumart said it would buy a bulk of CP Group's retail stores on the mainland and take a stake in one of the Thai group's companies in an all-stock deal worth $374 million, helping Wumart to grow its footprint in northern China. (Reporting by Donny Kwok; Editing by Stephen Coates)

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