Tesco considers sale of Asian operation after bid interest

[sateeb]

he UK's biggest retailer, Tesco, is considering a retreat from markets in Asia with the sale of its profitable operations in Thailand and Malaysia.

Analysts say the 2,000 stores, which operate under the Tesco Lotus brand, could be worth more than £7bn.

The company's only other overseas stores, other than Ireland, are in its loss-making European unit.

Tesco said it was reviewing its Thai and much smaller Malaysian arms after interest from potential bidders.

In a statement, the retailer said it had had received "inbound interest", but did not name the potential buyer or buyers. Tesco Lotus employs about 60,000 people.

The statement also said the review was at an early stage, and "no decisions concerning the future of Tesco Thailand or Malaysia have been taken".

https://www.bbc.com/news/business-50708728

[HHTel]

Surprised me initially as not long ago they were publishing statements showing plans to expand in Thailand. Obviously high bids have turned their heads.

I wonder if one of the bidders is CP which is where it all started with the Lotus chain.

[pharvey]

You'd have thought they would be pushing hard to get rid of their loss-making units......