PTT Thailand Told To End Carrefour Bid
The government ordered PTT on Tuesday to end its bid to buy Carrefour’s retail assets in Thailand, saying the state-controlled company should not be competing with private firms.
Deputy Government Spokesman Watchara Kannikar said the Cabinet considered it inappropriate for PTT – as a state-owned company – to be competing with private companies to bid for a retail business.
Carrefour, the world’s second-biggest retailer, wants to divest its operations in three Southeast Asian markets – Thailand, where it operates nearly 40 stores; Malaysia, where it has more than 20 stores; and Singapore, where it has two stores.
PTT, Berli Jucker, Big C Supercentre and the Central Group have expressed interest in bidding for Carrefour’s assets in Thailand, which have an estimated value of US$600 million (S$797 million).
