Tesco seeks buyer for Asian businesses
Tesco is Britain’s biggest retailer by sales with US$75.3 billion annual revenue in the year to February 2019. This is a rise of 11.3% and includes the Booker merger. The firm operates 6,767 stores worldwide. In December 2019 the grocer announced a review of options for Asian businesses located in Thailand (1,967 stores under Tesco Lotus Brand) and Malaysia (74 stores). This was prompted by an approach from a buyer. Tesco is seeking bids for Asian assets with a potential value of US$9 billion, with initial bids due by mid-January. According to Bloomberg, potential investors include Thai conglomerates specialised in food and retail, like Charoen Pokphand Group (revenue of US$3.3 billion for 6 months ended 30 June 2019 up by 2.1%) and Central Group (turnover of US$13 billion in 2018).