Tesco to consider Thai bids for Asian assets on Sunday - sources

By Anshuman Daga and Kane Wu

 

FILE PHOTO: A company logo is pictured outside a Tesco supermarket in Altrincham northern England, April 16, 2016. REUTERS/Phil Noble/File Photo

 

SINGAPORE/HONG KONG (Reuters) - Tesco <TSCO.L> is set to assess bids by Thai billionaires for its Asian business on Sunday, a potential deal which could be worth just over $10 billion (7.66 billion pounds), four banking sources with knowledge of the matter said.

 

A final decision by Tesco could mark the end of a three-way tussle for control of the company's Thai operations, which comprise some 2,000 stores, said the sources, who declined to be identified as the information is confidential. Sources have said Tesco is also selling 74 outlets in Malaysia.

 

The bidding is shaping up as a battle between Dhanin Chearavanont's Charoen Pokphand (CP) Group, Central Group, controlled by the Chirathivat family, and beer-and-property magnate Charoen Sirivadhanabhakdi's TCC Group, sources said.

 

"The end game is near," said one banking source.

 

The three Thai groups did not immediately respond to a Reuters request to comment on Sunday. Tesco also did not immediately respond to a request for comment.

 

Three sources said bidders were given until Sunday to come up with any last-minute revisions to their bids.

 

They said CP Group, which had sold its supermarket chain to Tesco during the Asian 1997-98 financial crisis, was the frontrunner.

 

Britain's biggest retailer said in December it started a review of its Asian operations, made up mainly of the Thai and Malaysian operations, after receiving interest.

 

Sources have also said antitrust concerns could pose a challenge to bidders as Thailand's antitrust office said last month that the deal should not violate anti-monopoly laws.

 

The Financial Times reported earlier on Sunday that Tesco's board was set to meet this weekend to finalise plans to sell the UK supermarket chain's Thai and Malaysian operations.

 

(Reporting by Anshuman Daga in Singapore and Kane Wu in Hong Kong; Additional reporting by Chayut Setboonsarng in Bangkok. Editing by Jane Merriman)

 

 

-- © Copyright Reuters 2020-03-09

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Won't miss them,their choice of goods was no better

than what's already available,and prices not so good,

What we need is an Aldi .

regards Worgeordie

Obviously much more important news that the virus....we all care so much for the 1% in Thailand.

I bet their families all have masks....freedom of travel and don't get tested on arrival!

24 minutes ago, ChrisY1 said:

Obviously much more important news that the virus....we all care so much for the 1% in Thailand.

I bet their families all have masks....freedom of travel and don't get tested on arrival!

 

24 minutes ago, ChrisY1 said:

Obviously much more important news that the virus....we all care so much for the 1% in Thailand.

I bet their families all have masks....freedom of travel and don't get tested on arrival!

The virus is dominating the news in Thailand and all over the world but it doesnt mean other news stories should be ignored! Weird post!

 

So weird I accidentally quoted it twice ????????

Edited March 9, 20206 yr by madmitch

26 minutes ago, ChrisY1 said:

Obviously much more important news that the virus....we all care so much for the 1% in Thailand.

I bet their families all have masks....freedom of travel and don't get tested on arrival!

Odd rant.

Hopefully some good competition to Big C which has been pushing prices up over the last couple of years.

Currently Tesco lacks value and choice

10 minutes ago, mark01 said:

Hopefully some good competition to Big C which has been pushing prices up over the last couple of years.

Currently Tesco lacks value and choice

over the last few months Tesco in Pattaya has been a dead loss , most of the Tesco lines that they used to stock have all sold out ,we rarely go there now .

59 minutes ago, mark01 said:

Hopefully some good competition to Big C which has been pushing prices up over the last couple of years.

Currently Tesco lacks value and choice

I heard CP got it so it will probably become Big C

2 hours ago, josephbloggs said:

Odd rant.

Yes, what I thought , I can see Tesco Lotus across the rice fields on a clear day ( not today ) I shop there 2/3 times a week , the virus I get on my PC bothers me more than the corona one.

13 minutes ago, monkfish said:

I heard CP got it so it will probably become Big C

I thought TCC owned Big C. Correct me if I'm wrong

32 minutes ago, monkfish said:

I heard CP got it so it will probably become Big C

It really does not matter who wins the Bid for the Tesco Business.

Once the Tesco label has gone, the doors will be open for large price hikes on the products sold.

1 hour ago, monkfish said:

I heard CP got it so it will probably become Big C

I doubt you have actually heard anything vaguely reliable, but actually the CP group own 7/11. Big C are owned by the TCC Group.

Personally I hope that the Central Group (Robinsons, TOPS, Thai Watsadu, powerbuy, Supersports,etc) get it to keep a bit of competition going.

Edited March 9, 20206 yr by MikeN

57 minutes ago, Cake Monster said:

It really does not matter who wins the Bid for the Tesco Business.

Once the Tesco label has gone, the doors will be open for large price hikes on the products sold.

Yes in Chinese/Thais hands all control prices will increase twice and we foreigners will leave even more from Thailand

1 hour ago, monkfish said:

I heard CP got it so it will probably become Big C

Your poor informed bar stool source doesn't even seem to realise that CP and Big C are competitors of each other

Great to see open competition among the Hi So's in Thailand

I rarely shop Tesco Lotus.  I do however do top up and minor shopping at TL express in Wang Sai Phun as the only other convenience store is 7/11 and we know who owns 7/11 don't we. 

 

 

29 minutes ago, Susco said:

Your poor informed bar stool source doesn't even seem to realise that CP and Big C are competitors of each other

Sorry my mistake you are correct CP doesn't own Big C but there is not need to throw insults

just because you spend half your life on bar stool doesn't mean everyone else does lol.

2 minutes ago, monkfish said:

Sorry my mistake you are correct CP doesn't own Big C but there is not need to throw insults

just because you spend half your life on bar stool doesn't mean everyone else does lol.

First of all I didn't throw a result I just stated facts, but you decided to throw an insult instead, because you don't know me at all and would not know that I haven't seen the inside of a bar in the last 5 years.

 

Back to your cave

1 hour ago, MikeN said:

I doubt you have actually heard anything vaguely reliable, but actually the CP group own 7/11. Big C are owned by the TCC Group.

Personally I hope that the Central Group (Robinsons, TOPS, Thai Watsadu, powerbuy, Supersports,etc) get it to keep a bit of competition going.

CP also owns Makro.

4 hours ago, MikeN said:

I doubt you have actually heard anything vaguely reliable, but actually the CP group own 7/11. Big C are owned by the TCC Group.

Personally I hope that the Central Group (Robinsons, TOPS, Thai Watsadu, powerbuy, Supersports,etc) get it to keep a bit of competition going.

Well looks like I was 50% right.

 

well, you or your source did have a 1 in 3 chance of guessing right LOL

Of course, CP used to own a supermarket chain that became Tesco-lotus Thailand until the late 90s, when they sold it for $180m .....now they buy it and the Malay operation for $10.6bn ?

15 minutes ago, MikeN said:

well, you or your source did have a 1 in 3 chance of guessing right LOL

Of course, CP used to own a supermarket chain that became Tesco-lotus Thailand until the late 90s, when they sold it for $180m .....now they buy it and the Malay operation for $10.6bn ?

Well you did say and i quote "I doubt you have actually heard anything vaguely reliable" LOL so i just pointed out that part of what I said was correct even though i was mistaken about the Big C part for that I do apologize.
 

Edited March 9, 20206 yr by monkfish