Citigroup: acquisition gives Best Buy China platform


15 May 2006 – Shanghai (CHN): Citigroup has reiterated its "Buy" rating for Best Buy’s shares following the company’s acquisition of Jiangsu Five Star in China.

The firm sees Best Buy’s investment, the first by a foreign retailer into China’s home appliance and consumer electronics retail sector, as a platform for Chinese expansion. Citigroup said the deal will "save Best Buy 10 plus years versus growing a Chinese consumer electronic business organically".