2nd Sep 10
Tesco to expand with purchase of Carrefour in Asia
by Katie Naylor
Tesco has announced plans to expand its already dominant presence in Asia with the purchase of over 61 Carrefour stores throughout Thailand, Malaysia, and Singapore. The firm already has a stranglehold over the retail market in both Thailand and Malaysia, has a total of 1,230 stores throughout Asia, and has further plans to open an additional 270 stores by February of next year.
Although Tesco is hoping to be the new owner of the 61 Carrefour stores, the firm is only one of nearly a dozen companies vying for the rights to purchase the French retail outlets. Other bidders include Aeon Group, the Japanese-based company, Dairy Farm of Singapore, as well as the French Casino Group. The total revenue generated from the sale of the stores is expected to be over £650 million, although the stores may be sold separately in order to fetch a higher price.
According to one supermarket chief executive, Tesco is one of the few firms that are financially successful enough to be in a position to make an offer on the Carrefour stores. The chief executive went on to say that Tesco would be crazy not to try and buy the retail stores, as ownership will undoubtedly strengthen its already significant position in Asia.
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