Following rumors the billionaire founder of ThaiBev was attempting to buy British retailer Tesco’s business in Asia, the Wall Street Journal reported today that he’s raised US$10 billion to make a bid.
Days after Charoen Sirivadhanabhakdi announced he would raise the kingdom’s largest erection by the river, the journal reported that he’s just entered his bid with the backing of domestic and international banks for Tesco’s thousands of stores in Thailand and around the region. It’s one of several bids to come in since the company was tipped in mid-January to be entertaining them, sources close to the deal said.
Tesco entered the Thai market two decades ago by taking a majority stake Lotus Supercenters, then owned by conglomerate beast Charoen Pokphand Group.
Charoen’s US$13.7 billion in assets make him Thailand’s fourth richest businessperson, according to Forbes.
His company ThaiBev, the nation’s largest brewer, enjoys protection from market competition and, like a number of other large corporations, has fared especially well under military-backed rule since 2016.
Through his TCC Group, Charoen is the kingdom’s largest property developer, with holdings in prime locations throughout the realm. Last week he announced his intentions to construct the tallest building in all the realm adjacent to his riverside Asiatique mall.
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