British retailer Tesco is set to assess bids by Thai billionaires for its Asian business on Sunday, a potential deal which could be worth just over US$10 billion, Reuters reported.
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, March 8. 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.
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