Tesco has agreed to sell all its stores in Thailand and Malaysia to the Thai conglomerate CP group for 8 billion GBP.
Tesco's currently has 2,000 stores in the two countries and employs 60,000 people.
CP also owns the 24 hour convenience stores 7/11. (BBC News)
Tesco sells it's Thailand stores
Tesco sells it's Thailand stores
Just when I thought our chance had passed,you go and save the best for last.
- karonsteve
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Re: Tesco sells it's Thailand stores
They own Big C as well.
Re: Tesco sells it's Thailand stores
^ Are you sure CP own Big C? I always thought TCC owned Big C after they bought it from Carrefour.
Re: Tesco sells it's Thailand stores
True I think TCC own Big C but keep it on the QT OK?
Re: Tesco sells it's Thailand stores
Think the takeover is referred to the Thai Monopoly commission for ratification , not a done deal yet
Re: Tesco sells it's Thailand stores
^ Thai Monopolies Commission... same same the Election Commission with different epaulets on their dress uniforms so as not to be confused with teachers (same parachutes though). The same guys that gave the nod for CP All to acquire their current 38% shareholding in Siam Makro plc.
Large brown envelopes being passed around.
Large brown envelopes being passed around.
- karonsteve
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Re: Tesco sells it's Thailand stores
My apologies I thought that Charoen Sirivadhanabhakdi owned both companies.
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Re: Tesco sells it's Thailand stores
This doesn't bode well for fair pricing at the convenience stores all across the country. Now they own all of Thailand's 7-11s and all the mini Tescos, everywhere? Won't be good for regular folk.
Re: Tesco sells it's Thailand stores
I look forward to better management. The many 7-11's seem to run efficiently. There is a Tesco Mini or Tesco Express, whatever, convenient to my Jomtien condo. I quit using it because they appeared to have no inventory control. Absolutely terrible management. After the dust settles, I'll try it again.
ADDED - there was another small Tesco near our home upcountry. It too was badly managed and is now closed. Both stores had no inventory control. I didn't expect those stores to have a huge variety of products, but I did expect them to have the basics.
ADDED - there was another small Tesco near our home upcountry. It too was badly managed and is now closed. Both stores had no inventory control. I didn't expect those stores to have a huge variety of products, but I did expect them to have the basics.