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Tesco aims for sales negotiations with Carrefour

Tesco through to the second round of bidding for Carrefour's south-east Asian stores

15 September 2010

Tesco is hoping to enter sales negotiations with Carrefour after the UK firm advanced to the second round of bidding for its fellow retailer's south-east Asian assets.

Carrefour, Europe's biggest retailer, wants to sell its stores in Malaysia, Singapore and Thailand to focus on regions in which it is the market leader. The firm is reported to be open to final bids of around $1 billion (£645,000).

According to The Financial Times, Tesco has made it through to the second round of the auction after increasing its initial offer to compete with rival bids.

Clive Black, analyst at Shore Capital, told the news provider: "With its leading market position in Thailand and Malaysia, few other acquirers could gain as much from the acquisition of the Carrefour stores in the region as Tesco ... due to buying benefits, distribution efficiencies and better central overhead coverage."

Other initially bidders for Carrefour included Japanese retail group Aeon and French retailer Casino. 

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