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CP Group to buy Tesco's Thai and Malaysian business in deal valued at $10.6 bln

Reuters SG
·1-min read

SINGAPORE/BANGKOK, March 9 (Reuters) - Charoen Pokphand (CP) Group said on Tuesday its board approved a deal for its subsidiaries to buy up 86.9% of the Thai business of British retailer Tesco and 100% of the retailer's Malaysian business in a deal valued at $10.6 billion.

The Thai group said the transaction is subject to anti-trust approvals from Thai regulators.

Citing sources, Reuters reported on Sunday that CP was the frontrunner to buy Tesco's Thai and Malaysian assets in a potential deal that could be worth just over $10 billion. (Reporting by Anshuman Daga in Singapore and Chayut Setboonsarng in Bangkok; Editing by Christian Schmollinger)