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Casino Group is set tosell its stake in Big C Supercenter PCL to the TCC Group, one of Thailand'sleading conglomerates, for 3.1 billion euro (US$3.46 billion).
The sale is expected to be completed by March 31. - Photo kinhdoanhnet.vn |
Casino’s Big C unit in late 2010 bought Carrefour SA’s Thai assets in a deal then valued at $1.2 billion. On Wednesday, Big C said in a statement it has 125 large format stores and will ramp up.
Book now your hotel in Halfweg and pay later with Expedia. Enjoy free cancellation on most hotels. Browse Expedia's selection of 229 hotels and places to stay in Halfweg. Find cheap deals and discount rates that best fit your budget. It's simple to book your hotel with Expedia. Casino Group is set to sell its stake in Big C Supercenter PCL to the TCC Group, one of Thailand's leading conglomerates, for 3.1 billion euro (US$3.46 billion).
It marks a major step in the Frenchretailer's plan to cut its debts.
Big C is a leader in food retail andcommercial real estate in Thailand with a large network of more than 700 stores,including 125 hypermarkets, and a turnover of 3.4 billion euros last year.
It has signed a contract to sell its58.6 per cent stake in Big C at 252.88 baht ($7.1) per share, a 28 per centpremium to Big C's market price when the stake sale plan was announced onJanuary 14, the French retailer said in a release.
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The sale is expected to be completedby March 31.
In December Casino Group hadrevealed plans to sell its Big C supermarket chain in Viet Nam as well asThailand and Colombia to strengthen its financial flexibility.
The sales of its Vietnamese retailoperations and some of its real estate holdings in Colombia are ongoing.
A Big C Viet Nam spokesperson saidrecently that some local newspapers had reported that the sale of the Viet Namoperations was completed.
'This information is incorrect,' hesaid, adding that the process of selling the wholly-owned Big C Viet Nam is justin the beginning stage.
Casino has received expressions ofinterest from Lotte Shopping of South Korea, Singapore's Dairy Farm, Thai retailgiants Berli Jucker and Central Group, and Japanese retail group Aeon.
Big C is among several major foreignretailers in Viet Nam and a big player in the retail sector.
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An industry source said Central probably made this decision because of its ownership in Tops Supermarket and FamilyMart. Parts of their operations overlap Big C’s, he said, adding that hypermarkets are not Central’s business focus for Thailand. He also noted that the value of Big C Thailand was far higher than Big C Vietnam’s.
“Vietnam seems to be more interesting to Central, judging from the financial sums to be invested in Thailand and possible cannibalisation of Tops and FamilyMart,” the source said.
Central, the largest retail conglomerate in Thailand, accepted a tender offer from TCC Group. The deal, worth at least Bt50 billion, will help Central finance the purchase of Big C Vietnam.
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Central declined to provide any details on the deal, saying its executives were travelling outside the country.
Central Group, which has interests spanning from hotels and resorts to property and restaurants, also bid when Casino Group was selling its Thai assets, eventually losing out to Charoen. He bought the French retailer’s majority 58.6-per-cent stake in Big C Thailand for 3.1 billion euros (Bt124 billion) in February.
Central in partnership with Nguyen Kim Group recently acquired Big C Vietnam from Casino for 920 million euros. Central Group chief executive officer Tos Chirathivat said the acquisition represented the strength of Central’s will to keep expanding its business in Asia. Operating for more than 18 years, Big C Vietnam has 43 stores nationwide, comprising 33 hypermarkets and 10 convenience stores, and 30 shopping malls. Total revenue in 2015 was about 586 million euros.
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Quant, an independent financial advisory, applied eight methods to calculate the value of Big C Thailand, suggesting fair prices ranging from Bt152.7 to Bt265.7 per share. The highest price came from the comparison of the company’s price-to-earnings ratio and other domestic retailers’ in the past 12 months.