Tesco To Bid For Carrefour South East Asian Stores
The UK’s largest retailer Tesco has entered the bidding war for the South East Asian stores of French Supermarket giant Carrefour.
Tesco joins a list of nine other bidders in the auctioning of Carrefour’s 61 stores in South East Asia, which span Singapore, Thailand and Malaysia.
The sale is expected to generate at least £650 million for the French retail giant.
Tesco already has a significant presence in the South East Asian markets, and is keen on expanding and adding scale to its operation in the region, which the retail says presents a “significant long-term growth opportunity”.
Tesco currently operates 663 retail outlets in Thailand and a further 32 in Malaysia and is seeking to expand its Malaysian business by 27 per cent in the next financial year.
Many analysts expect that because of Tesco’s aggressive expansion plans, it will likely usurp Carrefour’s position as the world’s second largest retailer by 2012. Perennial number one Wal-Mart is likely to maintain its position as the largest retailer on the planet.
Despite putting its south-east Asian hypermarkets up for sale, Carrefour said it will remain highly active in China, where it has a large presence, and will continue to operate stores in Indonesia and Taiwan.
Please Note - All Prices Quoted Are Correct at Time of Posting
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