British retail chain Tesco will compete with over 10 bidders, including Singapore-based Dairy Farm, French retail brand Casino and Japan's Aeon group, to acquire the Southeast Asian assets of hypermarket chain Carrefour.
The grocery and general merchandiser is looking to take over the France-based retailer's 61 stores spread across Malaysia, Singapore and Thailand, but Carrefour will retain stores in China, Indonesia and Taiwan, reports the Financial Times.
Reportedly, the group is divesting from 40 stores in Thailand, 19 in Malaysia and two in Singapore, to fund a revamp of its hypermarkets in Europe. The deal is expected to fetch $1bn (£647m).
Carrefour reported a net first-half profit of €82m on Tuesday, after a loss for the same period in 2009.
Tesco, which has been operating in Asia for over ten years and is already the market leader in Thailand and Malaysia, is aiming to extend its growth in the region with the bid. It currently has 1,230 stores across these two Asian nations, as well as South Korea.
Two years ago, it took over 36 loss making Homever stores from E-Land in South Korea for $1.9bn and turned profits from it.
