By Anshuman Daga and Kane Wu
SINGAPORE/HONG KONG, March 8 (Reuters) - 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 $10 billion, four banking sources with knowledge
of the matter said.
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. 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.
They said CP Group, which had sold its supermarket chain to
Tesco during the Asian 1997-98 financial crisis, was the
frontrunner.
Britain's biggest retailer said in December it started a
review of its Asian operations, made up mainly of the Thai and
Malaysian operations, after receiving interest.
Sources have also said antitrust concerns could pose a
challenge to bidders as Thailand's antitrust office said last
month that the deal should not violate anti-monopoly laws.
The Financial Times reported earlier on Sunday that Tesco's
board was set to meet this weekend to finalise plans to sell the
UK supermarket chain's Thai and Malaysian operations.
(Reporting by Anshuman Daga in Singapore and Kane Wu in Hong
Kong; Additional reporting by Chayut Setboonsarng in Bangkok.
Editing by Jane Merriman)
Tesco (TSCO)