The globe's third largest operator of 7-Eleven convenience stores, CP All, is now preparing to acquire Siam Makro Pcl. This was confirmed by individuals knowledgeable about the transaction spoke on condition of anonymity.
The two firms based out of Bangkok would announce the deal by the end of this week. CP All would be purchasing the shareholdings over Siam Makro from SHV Holdings NV, which is based out of Utrecht, Netherlands.
CP All and Tesco Plc are cashing in on the consequences of the raised minimum wages for the country with a population of 67 million. One of the new programs include the price guarantees on agricultural crops in order to boost incomes. Siam Makro has a current market value of 163.7 billion Thai Baht or US$5.7 billion. With the pending takover, this is projected to be the largest ever conducted by a Thai company with a fellow company according Bloomberg data.
The company secretary of SHV, Joost van Klink, declined to make a comment on the matter after an email was sent to his office email. CP All and Siam Makro officials could not be reached for comment.
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