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CP All eyes ParknShop

Thai company CP All is the newest bidder confirmed for ParknShop.

Acquiring the Hong Kong supermarket chain which is for sale for $4 billion would expand the Thai company’s portfolio of retail brands which include convenience chain 7-Eleven and cash-and-carry business Siam Makro.

An unnamed retail analyst in Bangkok said acquiring ParknShop would be another jigsaw piece to complete its retail network’s development in the region.

ParknShop has also attracted interest from companies including China Resources Enterprise, Aeon and Australia’s Wesfarmers and Woolworths groups, along with private equity firms KKR and TPG who were dropped from the auction after failing to meet the company’s expectations.

Owner Hutchison Whampoa is selling ParknShop to exit the supermarket and hypermarket sector due to its slow growth and stiff competition.

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