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Casino in deal for Carrefour outlets
By Dominique Vidalon |
November 16, 2010, Tuesday
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Print Edition
Print Edition
FRANCE'S Casino is buying the Thai stores of rival Carrefour for 868 million euros (US$1.2 billion), including debt, to step up the challenge to Britain's Tesco in the fast-growing southeast Asian country.
Casino said yesterday the deal for 42 stores would help Big C Supercenter, in which it owns a 63 percent stake, become co-market leader in Thailand, with an estimated turnover for 2010 of about 2.4 billion euros.
Bernstein analyst Chris Hogbin said the price, at about 1.2 times net sales, appeared a little high, although that would depend on the value of the real estate assets being acquired.
He also said it suggested Tesco's international businesses were not being valued highly enough by analysts.
"I think it looks an OK deal for Casino," he said.
"Tesco have shown good capital discipline by walking away," he added, after sources close to the matter said the British group had also been in the bidding for the stores.
Casino said yesterday the deal for 42 stores would help Big C Supercenter, in which it owns a 63 percent stake, become co-market leader in Thailand, with an estimated turnover for 2010 of about 2.4 billion euros.
Bernstein analyst Chris Hogbin said the price, at about 1.2 times net sales, appeared a little high, although that would depend on the value of the real estate assets being acquired.
He also said it suggested Tesco's international businesses were not being valued highly enough by analysts.
"I think it looks an OK deal for Casino," he said.
"Tesco have shown good capital discipline by walking away," he added, after sources close to the matter said the British group had also been in the bidding for the stores.
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