Business

Tesco to review Thai bids for Asian assets on Sunday

By Anshuman Daga and Kane Wu

SINGAPORE / HONG KONG, March 8 (Reuters) – British retailer Tesco TSCO.L is about to assess the offerings of Thai billionaires for its Asia business on Sunday, a potential deal that could be worth just over $ 10 billion, said four banking sources familiar with the matter.

Tesco's final decision could mark end of three-way fight for control of Thai business operations, which include some 2,000 stores, said sources, who declined to be identified because the information is confidential. Sources said Tesco also sold 74 outlets in Malaysia.

The deal presents itself as a battle between the Charoen Pokphand group (CP) of Dhanin Chearavanont, the central group, controlled by the Chirathivat family, and the beer and property magnate Charoen Sirivadhanabhakdi, the TCC group, sources.

"The end of the match is approaching," said a banking source.

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

Three sources said that bidders had until Sunday to offer last-minute revisions to their offers.

They said that CP Group, which had sold its supermarket chain to Tesco during the 1997-1998 Asian financial crisis, was the leader.

Britain's largest retailer said in December that it had started a review of its operations in Asia, consisting mainly of Thai and Malaysian operations, after receiving interest.

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

The Financial Times announced on Sunday that Tesco's board of directors is scheduled to meet this weekend to finalize plans to sell the Thai and Malaysian businesses of the British supermarket chain.

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

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