Carrefour has launched the sale of its units in Malaysia, Singapore and Thailand, sources with direct knowledge of the matter told Reuters, in a deal that could raise around US$1 billion (RM3.23 billion) for the French retailer.
Carrefour is working with investment banks Goldman Sachs and UBS on the auction, which is expected to generate interest from both corporate buyers and private equity firms, the sources said yesterday.
Carrefour, Goldman and UBS declined to comment.
The sources declined to be identified as the sale process was still not public. The auction is in its early stages, the sources said, and like any sale process could change at any time.
Carrefour, the world’s second-biggest retailer, has exited Japan and South Korea over the years to focus on bigger and fast-growing markets such as India.
The French group, like many other retailers in Europe and the United States, has been struggling due to challenging economic conditions.
The assets could be attractive for other global retailers that are expanding into Asia, the sources said.
Indonesia’s Para Group, which has banking, media and retail interests, has said it aimed to raise more than US$350 million from a global bond this year to buy a 40% stake in Carrefour’s local unit.
Trans Corp, the media, entertainment, lifestyle and retail unit of Para Group, wants to increase its stake in PT Carrefour Indonesia from 40% to 100%. — Reuters
Written by Denny Thomas
The Edge Malaysia
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