Tesco Says Conditions Satisfied For $10.6bn Sale Of Asia Business
Tesco said on Wednesday that all conditions had been satisfied for the $10.6 billion sale of its businesses in Thailand and Malaysia to CP Retail Development Company Limited and the deal should be completed this month.
Tesco agreed the deal in March. It said that CP Group had now reviewed and was satisfied with the formal notice of approval from the OTCC in Thailand.
“I would like to thank all our colleagues in Asia for their hard work and dedication to our customers over many years," commented Tesco Group CEO, Ken Murphy. "They have built a very strong business. I’m confident that the agreement with CP Group will ensure that they are well setup for continued success.
"This sale allows us to focus on our businesses across Europe and to continue delivering for customers, make a significant contribution to our pension deficit and return value to shareholders.”
This, combined with the approval received from the Ministry of Domestic Trade and Consumer Affairs in Malaysia on 10 November, means there are no further conditions outstanding and the disposal is expected to complete on or around 18 December.