Thai foodstuff omni-retailer CP All Plc., operator of the Kingdom’s ubiquitous 7-11 franchises, has announced that it will pay USD6.6 billion for a controlling stake in Siam Makro Plc.—one of the largest food retailers in Thailand outside of the CP All umbrella.
CP has announced that it will buy 64% of Makro’s stock, and offer shareholders a price of THB787 per share in order to acquire another 15% of the company, after the initial deal goes through.
As reported by the Wall Street Journal, this deal puts Thailand’s richest man, Dhanin Chearavanont, in control of and even greater share of the country’s food retail landscape.
Founded in 1988, Siam Makro grocery stores specialize in selling bulk food products to consumers, wholesalers and retailers.
CP All has yet to announce its plans for the franchise after the purchase.
