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NEWS UPDATES 20 August 2010

Thai oil giant may buy Carrefour

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PTT Plc, Thailand’s largest oil conglomerate, PTT Plc, may be in the market to of buy Carrefour (Thailand) stores to  expand its retail sector, according to an unidentified PTT source.

Carrefour recently said it wanted to abandon its operations in Thailand and Vietnam to concentrate on the bigger markets of China and India.

PTT CEO and president Prasert Bunsumpun reportedly had ordered a study after several companies had approached PTT about a joint buyout of the giant foreign retailer's Thailand subsidiary. PTT will study the possibility of buying the retail firm itself, or joining with business partners in a takeover, according to the source.

PTT has no plan to join forces with 7-Eleven, which is its business partner in operating retail outlets at PTT fuel pumps. PTT wants to go it alone.

The source said the takeover of Jiffy had not really helped strengthen PTT’s retail operation as expected.

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