Thai energy firm Thai PTT today put in a bid to buy the Thai operations of French retailer Carrefour SA, which analysts expect to fetch US$600m, reports Reuters.
PTT is participating through its retail subsidiary, PTT Retail Marketing Co Ltd, which runs Jiffy convenience stores at its gas stations.
'We have already submitted a bid for the first round. We are waiting for the next round,' PTT chief executive Prasert Bunsumpun told reporters.
The move is part of a plan to expand PTT's retail business, Mr Prasert said.
'If we got Carrefour's assets, it would make our retailbusiness bigger and our bargaining power will rise,' he said.
PTT could seek partners to join forces in the retail business if the Carrefour bid succeeded, Mr Prasert added.
Thai PTT joins an increasingly crowded race: at least four retailers from Europe and Asia have put in first-round bids.
Carrefour, the world's second largest retailer, wants to sell its stores in Malaysia, Singapore and Thailand at a potential price of US$1bn to focus on growing markets such as India and China.
