Thailand's CP All mulls over Siam Makro takeover
A bid could come as early as this week: source
[BANGKOK] Chain store operator CP All, controlled by Thailand's richest man Dhanin Chearavanont, is weighing a takeover of wholesaler Siam Makro Pcl which has a market value of US$5.7 billion, people with knowledge of the matter told Reuters.
CP All is part of unlisted Charoen Pokphand Group, and runs the 7-Eleven convenience stores in Thailand. Mr Dhanin shot to prominence last year when his business empire agreed to buy a US$9.4 billion stake in Ping An Insurance Group Co of China from HSBC plc.
Siam Makro, the country's sole cash-and-carry wholesaler, halted shares yesterday for two days pending an announcement. CP Group has long been planning to expand its retail business. Mr Dhanin has said he is keen to buy overseas retailers.
Siam Makro is controlled by privately held Dutch trading company SHV Holdings. SHV could not be reached for a comment. CP All declined to comment.