Breakingviews - Tesco leaves Asia with a full cart [Reuters]
TESCO PLC S/ADR (TSCDY)
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Source: Reuters
Breakingviews - Tesco leaves Asia with a full cart HONG KONG (Reuters Breakingviews) - Tesco is heading to the checkout lane in southeast Asia at the right time. Britain’s biggest grocer says it is considering a sale of its businesses in Thailand and Malaysia. Thai peer Central Retail’s rich 2020 listing, plus interest from local heavyweights like CP Group, make it a good time to exit before regional economies cool further. If Tesco can reap a $9 billion valuation, as a Wall Street Journal report suggests, incoming boss Ken Murphy has reason to cheer. Despite a much-vaunted expanding middle class, Asia has repeatedly frustrated international supermarket giants. France’s Carrefour and Casino have already retreated; $30 billion Tesco left Japan in 2012 and South Korea in 2015. That left it with Southeast Asian assets, the vast majority in Thailand. This sale is unlikely to be a repeat of Tesco’s Korean exit, which ended with Asia’s largest-ever leveraged buyout. Local idiosyncrasies mea
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