Tesco may bid for Carrefour's SEA suppermarket assets

16:28, July 14, 2010      

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Tesco Plc's investors want the UK' s largest retailer to bid for Carrefour's Southeast Asian supermarket assets, the Bangkok Post's website reported on Wednesday.

Tesco is among the potential buyers of Carrefour's assets as Carrefour is seeking offers for its units in Malaysia, Thailand, and Singapore, people familiar with the matter said last week.

Tesco generates about one-third of its sales outside the UK, where growth is slowing amid heightened competition and easing inflation. Asia accounts for about 15 percent of the retailer's revenue and is its fastest-growing division by earnings, which rose by 24 percent last year.

"If Tesco keeps putting money into their strong markets, and Thailand is clearly one, then that would be grand," said Phil Doel, an investment manager at F&C Asset Management in London, whose funds hold about one percent of Tesco shares.

Tesco plans to add 460,000 square meters of new store space in the region this year.



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