Beijing-based Wumart remains in talks to acquire Jiangsu province-based retailer Times, reported Caijing magazine. The same source also ruled out the possibility of one of Wumart’s rivals, such as Wal-Mart, Carrefour, Lotus or Lianhua Supermarket, entering into acquisition talks with Times.

Times recorded a net profit of Rmb78m in the first half of 2009, down 13 per cent from a year earlier. The Wall Street Journal reported on 25 August that its parent company planned to sell Times for not less than US$560m.

Wumart is China’s fourth-largest retailer with 400 outlets, while Times has 65 stores in Jiangsu province.