Saudi-based Savola Group, owner of Panda retail group, has agreed to pay SR440m (£71.1m) to buy all 11 Géant hypermarkets in Saudi Arabia owned by the Fawaz Alhokair Group, a Casino franchisee.

The acquisition will enable Panda to increase its share of the Saudi retail market and lift turnover by 13 per cent.

The deal also allows international retail franchising group and mall developer Alhokair the option of buying a 10 per cent stake in Panda three years after signing the agreement.