Grocery giant Tesco is reportedly considering bids from Thai billionaires for its Asian business, with the potential value reaching over $10 billion. The bidding competition involves Dhanin Chearavanont’s Charoen Pokphand (CP) Group, the Chirathivat family’s Central Group, and Charoen Sirivadhanabhakdi’s TCC Group. While anonymous banking sources revealed that CP Group is currently the frontrunner, Tesco has not yet made a final decision on which bid to accept.
The review of Tesco’s Asian operations, particularly in Thailand and Malaysia, was launched after receiving interest in December. It has been reported that Tesco is also selling 74 outlets in Malaysia. However, potential bidders may face challenges due to antitrust concerns, as Thailand’s antitrust office has emphasized that the deal must not violate anti-monopoly laws.
Earlier reports stated that Tesco’s board was scheduled to meet over the weekend to finalize plans for the sale of its Thai and Malaysian operations. However, neither Tesco nor the Thai groups involved in the bidding process have provided comments or updates on the progress of the sale.
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