Hutchison takes ParknShop off the block, plans IPO

Hong Kong-based conglomerate Hutchison Whampoa has dropped plans to sell its 345-store ParknShop supermarket chain, and the company, owned by billionaire Li Ka-Shing, said it is now considering an initial public offering that would be the largest international deal this year. An IPO of the company's A.S. Watson & Co. unit, which operates 11,093 stores in 33 countries, could raise as much as $13 billion, according to Credit Suisse Group.

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