Billionaire Dhanin Chearavanont is believed to be mounting another bid to buy leading Thai retailer Tesco Lotus, according to Thai Visa News.
Chearavanont is understood to have made a formal offer to Tesco in December, which was rejected. However, with the UK-based retailer supposedly eager to offload its shares in international markets and Chearavanont looking to increase his share of the Thai retail sector, another bid is likely to submitted.
Tesco Lotus has over 1,730 stores across the South East Asian nation, valued at an estimated US$10bn, making it one of Tesco’s most successful overseas businesses. However, sluggish sales in Tesco’s core UK market, along with a high-profile accounting scandal, have prompted the company to explore the possibility of floating its Asian operations.
Chearavanon currently owns rival Thai retail group Siam Makro, with any bid to be made through his CP Group operation.
