BANGKOK: Shares in Thai conglomerate Berli Jucker surged nearly 30 percent at one point on Wednesday, July 7 on speculation the company might offer to buy the Thai business of French retailer Carrefour.
Carrefour has launched the sale of units in Malaysia, Singapore and Thailand, sources with direct knowledge of the matter told Reuters on Monday, in a deal that could raise around $1 billion for the retailer.
Analysts said potential buyers for the Thai stores could be British-owned Tesco Lotus, Big C Supercenter, Thailand's second-biggest hypermarket operator, and Berli Jucker.
Finansia Syrus Securities said in a note it saw Berli Jucker as frontrunner as it had ample cash.
The Bangkok Post daily reported the French firm had approached potential buyers and might seek bids by early September. It said Carrefour operated at 38 locations in Thailand and the Thai business might have a value of $500-600 million.
At 0404 GMT, Berli Jucker was up 15.6 percent at 15.60 baht, having hit its highest since 1994 at 17.50 baht, while the main Thai index was down 0.24 percent.
Shares in Big C Supercenter, which earlier rose to its highest in nearly two weeks at 57.50 baht, was up 2.73 percent at 56.50 baht. - Reuters
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