CP gets nod to buy Siam Makro
Thailand’s powerful CP Group is set to buy Siam Makro.
CP All shareholders approved the 189 billion baht (US$6.1 billion) deal to buy the cash-and-carry chain in what represents one of Thailand’s biggest retail acquisitions yet.
CP All, controlled by Dhanin Chearavanont-owned Charoen Pokphand Group, got approval from about 87 per cent of shareholders, well over the 75 per cent threshold required.
A meeting between CP All and Siam Makro will be held next month to discuss the implementation of the takeover, says Charoen Pokphand Group CEO Korsak Chairasmisak.
Charoen Pokphand Group was the largest shareholder of Siam Makro prior to the financial crisis of 1997 when Chearavanont cashed up his stake.
With the new acquisition, CP All, which operates the convenience chain 7-Eleven in Thailand, will strengthen its dominance in Thailand’s retail industry.
Siam Makro has 57 cash-and-carry stores in Thailand.