Sanpower Group holding Nanjing Cenbest has recently acquired the British oldest Department Store, House of Fraser. A source close to the transaction told reporters on the 5th that Nanjing Cenbest had finally acquired 89% share in House of Fraser at 200 million pounds.

He noted that this is the largest direct-purchase ever since the beginning of China's A Share and is also the biggest overseas investment in retail business by Chinese enterprises.

It is also the first cross-border M&A case without the requirement of pre-approval since the introduction of decentralisation policies by China Securities Regulatory Commission.