Thai Energy Giant Considers Carrefour Acquisition

Published : August 20, 2010 :: 17:08:15 [ 1,875 views ]

Thai Energy Giant Considers Carrefour Acquisition

Thailand’s largest energy company, PTT plc, announced its plans to bid for French retailer Carrefour’s Thai assets recently. Aimed at further diversifying their operation into the international market, PTT are thought to be considering a US$600 million offer for the superstore chain.

Bangkok, the 20^th of August 2010: Carrefour, Europe’s top retailer, is planning to sell its assets in Malaysia, Singapore and Thailand at a potential price of over US$1 billion, in order to focus on other “core” markets, according to various sources.

In recent years, Carrefour has withdrawn interests in Japan and South Korea, to focus on growing markets in China and India.

PTT will join a long list of potential suitors to the Thai operations of Carrefour with France’s Casino considering a possible approach for all Carrefour assets in the region, according to Reuters.

PTT Chief Executive Prasert Bunsumpun told analysts on Thursday that PTT was studying whether an acquisition of Carrefour’s Thai assets would be viable or beneficial to its existing business base.

Speaking to Reuters, PTT Chief Financial Officer Tevin Vongvanich stated, “We are actually interested to see whether there’s an opportunity to link to our businesses,” “We are studying the plan, but there are no further details or information on the timing at this point”.

Various industry insiders have questioned the deals benefit to PTT, who already are in partnership with over 5,000 7-Eleven convenient store branches in Thailand along with its investment in Jiffy convenient stores at its retail gas stations. “We do not think it is a good idea. PTT does not have expertise in the wholesale business,” Kasikorn Securities said in a note to clients.

Meanwhile, other interested party’s include leading Thai conglomerate Berli Jucker Plc, owned by liquor tycoon Charoen Sirivadhanabhadi, Singapore-listed Dairy Farm International Holdings Ltd and Britains Tesco’s supermarket chain.

Carrefour with 40 stores, are currently 4^th in the retail standings in Thailand which includes the likes of 7-Eleven, Tesco-Lotus and Big C and are valued at up to Bt19 billion (US$603 million).

Comments

Breaker

said :

Carefour needs to double charge them like the Thais do to us; after all, its only "fair"
After PTT buys Carefour, I'll bet my left testicle that the quality of that chain will go down the toilet like everything else run by Thais.

Email : g-unit@gmail.com Date : 2010-08-21 12:14:29

harry hatred

said :

Walmart better not employ Thai staff here then, Bob. It's a bit like herding cats..

Email : harry@hatred.com Date : 2010-08-21 08:51:02

Bob

said :

Walmart would put these other stores out of business within weeks. They are not very nice people, but they do know how to run a store. Also, unlike that large British retailer, if Walmart advertises something they actually have it when you get there to buy it. I tried to buy an MP3 player that was advertised from that Frog retailer, the clerk first told me it was no good and that I should buy a more expensive one, then disappeared when I said I wanted the advertised one. Walmart also does not do crap like that.

Email : Bob@haha.com Date : 2010-08-20 18:30:41

Staunton

said :

macro and foodland are the best,the others can fook of :)

Email : topper@yahoo.com Date : 2010-08-20 17:49:39

Hot News

Advertise

Text link

Festkjoler

Pattaya Daily News