BANGKOK—In December, Tesco said that it is carrying out “a strategic review of its Thai and Malaysian businesses after receiving interest.” Now, the company is looking to review initial bids from two Thai billionaires. The purchase could reach more than $7 billion, reports Bloomberg.
The sale would allow Tesco to focus on its core business in the U.K., which just cut thousands of jobs. There are more than 2,000 hypermarkets and c-stores in Thailand and 74 stores in Malaysia under the brand of Tesco Lotus. Combined, the stores generate about $375 million in operating profit each year.
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