Tesco says conditions satisfied for US$10.6 billion sale of Asia business

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LONDON: Britain’s biggest retailer Tesco said on Wednesday all conditions had been satisfied for the US$10.6 billion sale of its businesses in Thailand and Malaysia to C.P. Retail Development Company Limited and the deal should be completed this month.

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Tesco agreed the deal in March. It said that CP Group had now reviewed and was satisfied with the formal notice of approval from the OTCC in Thailand.

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This, combined with the approval received from the Ministry of Domestic Trade and Consumer Affairs in Malaysia on Nov. 10, means there are no further conditions outstanding and the disposal is expected to complete on or around Dec. 18.

-Reuters

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