CP's acquisition of Tesco Lotus compromises consumer interests, says ex-deputy PM

By The Nation

 

 

The takeover of Tesco Lotus by conglomerate CP Group will have a negative effect on consumers, former deputy prime minister Korbsak Sabhavasu said.

 

After the Office of Trade Competition Commission voted to allow CP Retail Development Co Ltd and Tesco Stores (Thailand) to merge, Korbsak pointed out that there would be less competition in the market.

 

He expressed disappointment that the merger was allowed on November 2 after about three months of deliberations.

 

He said that the consumers would lose benefits from CP’s decision to buy Tesco from Ek-Chai Distribution System Co Ltd, which was the major shareholder. About 40 per cent of CP Retail Development shares belong to CP All, 40 per cent is held by Charoen Pokphand Holding Co Ltd, and 20 per cent by CP Merchandising Co Ltd.

 

The acquisition along with that of Tesco Stores (Malaysia) Sdn Bhd were processed simultaneously and they were worth Bt338 billion in total.

 

Source: https://www.nationthailand.com/news/30397605

 

-- © Copyright The Nation Thailand 2020-11-09

 

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Just now, webfact said:

The takeover of Tesco Lotus by conglomerate CP Group will have a negative effect on consumers, former deputy prime minister Korbsak Sabhavasu said.

Correct Korbsak, but as you and millions of others know this so-called government are controlled by CP, do anything/everything CP wants.

A sad day for competition here, but control is all CP care about, control of the country.

16 minutes ago, webfact said:

CP's acquisition of Tesco Lotus compromises consumer interests,

The plan is working! The 66% of the countries wealth controlled by 1% of the wealthy population is obviously not enough! The very reason the army has purpose!

The whole country is alike a huge Mafia syndicate. Everyting is designed and decided to make the godfathers at the top richer and richer. They act without any ethics, without any control, without any social responsibility.

6 minutes ago, Flying Saucage said:

The whole country is alike a huge Mafia syndicate. Everything is designed and decided to make the godfathers at the top richer and richer. They act without any ethics, without any control, without any social responsibility.

Protected and endorsed by the army!

1 hour ago, webfact said:

Korbsak pointed out that there would be less competition in the market.

 

Highly astute this fella...

Got no shame

Kobsak was OK. Even though he was one of the chief organisers of the 650 million baht extravaganza fundraiser for the PPRP.  He is the one on the right looking a lot like Alfred E. Newman. With him on the left is Uttama ex Finance Minister. They both went in the recent purge where they and Somkid were given their marching orders. Then followed Predee Daochai as the Finance Minister but he only lasted 29 days before he realised he had stepped into a trap. He was quickly replaced by Prayut heel clicker Arkhom who looks like he asleep even when he is awake. 

16 hours ago, webfact said:

the Office of Trade Competition Commission voted to allow CP Retail Development Co Ltd and Tesco Stores (Thailand) to merge

Time for a new committee to look at the commissioners and conclude that everything was done transparently and in accordance with the military made laws. 

15 hours ago, PatOngo said:

Protected and endorsed by the army!

And higher

Just trying to emulate Walmart...

Explain a nine digit birthday cheque of last year ........ 

A begging letter for assistance was sent to CP back along when the pot was found to be empty, that must now be paid back.

20 hours ago, colinneil said:

Correct Korbsak, but as you and millions of others know this so-called government are controlled by CP, do anything/everything CP wants.

A sad day for competition here, but control is all CP care about, control of the country.

The same man that stated that Thailand should be reserved only for the rich........ Shame he's forgotten where he came from...... but money does that to people i've found..........

Who else has 338 billion baht and is in the industry?

If you own 80/90 % of the market through 711, Makro, now Tesco (which I believed they sold then bought back) thereIs no competition by in Thai pockets - how much??? 

It sucks but get used to it - the MPs suddenly are worth X amount  times richer the chicken lady gets off scot free - the  "elected PM" LMAO won't quit & the HRH lives in another country with all his billions & numerous wives

I love Thailand & the people for most  but decided after the Coup - things started going down the <deleted>ter - & this ain't about Covid - this is being about people in charge that shouldn't even be there in the 1st place 

23 hours ago, colinneil said:

Correct Korbsak, but as you and millions of others know this so-called government are controlled by CP, do anything/everything CP wants.

A sad day for competition here, but control is all CP care about, control of the country.

In ANY other civilised society, this would never be permitted. This showcases corruption at it"s highest level.

...... DISGRACEFUL DECISION!

 

2 hours ago, Scott Tracy said:

Who else has 338 billion baht and is in the industry?

Exactly. Who would be an alternative buyer when CP were already a partner with Tesco in the business.

Tesco retail was shoddy in Buriram Province prior to this sale. They could not even build a medium size store, let alone a full size Tesco in Buriram itself.  The "out of stock" situation had been an ongoing issue for months at the Tesco Lotus I shopped. With the change in ownership. I see better stocking procedures at my local Tesco Lotus store. Prices still compete with BigC.