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    CPALL   TH0737010Y08

CP ALL

(CPALL)
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End-of-day quote Stock Exchange of Thailand  -  2022-08-18
61.00 THB    0.00%
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Thai antitrust regulator approves CP Group deal for Thai Tesco stores

11/06/2020 | 07:39am EDT
A company logo is pictured outside a Tesco  supermarket in Altrincham northern England.

BANGKOK (Reuters) - Thailand's antitrust regulator said on Friday it had approved CP Group's deal to buy Tesco PLC retail stores in the country.

The merger was not considered a monopoly, the Office of Trade Competition Commission (OTCC) said, without giving further details.

Tesco said earlier this year it had agreed to sell its supermarket businesses in Thailand and Malaysia to Charoen Pokphand Group for an enterprise value of $10.6 billion..

Britain's biggest retailer has nearly 2,000 Thai retail outlets, many of which it bought from CP Group during the 1997-8 Asian financial crisis.

The latest proposed change of ownership follows a tussle between three of Thailand's most famous retail billionaires. Dhanin Chearavanont's CP Group runs its 12,000 7-Eleven convenience stores through CP All and about 80 cash-and-carry stores under Siam Makro.

CP Group did not immediately respond to a request for comment. Tesco noted the antitrust regulator's statement and said it was waiting for CP Group to receive the formal regulatory approval notice from the OTCC.

Lawyers and analysts said earlier this year there was a possibility the regulator could block the transaction should it find it would create a monopoly or market dominance.

The OTCC's approval on Friday came with conditions that CP Group could not strike another retail merger deal over the next three years.

It also carried stipulations that information about suppliers not be shared between CP's stores and that products from small- and medium-sized firms see higher sales over the next five years via the outlets under the group's control.

Tesco had been expecting to complete the sale of its Thailand and Malaysia businesses this year.

Its new chief executive, Ken Murphy, last month said there were no plans for further retrenchment from overseas markets.

(Writing by Martin Petty; Editing by Kirsten Donovan)

By Patpicha Tanakasempipat


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CP ALL 0.00% 61 End-of-day quote.3.39%
CPL GROUP -4.21% 3.64 End-of-day quote.82.00%
SIAM MAKRO -1.44% 34.25 End-of-day quote.-18.45%
TESCO PLC 0.07% 270.9 Delayed Quote.-6.55%
All news about CP ALL
08/16CP ALL : Notification of Book Closed Date and Trading Suspension of 71 DWs issued by BLS
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08/15CP ALL : Resolution of the Exercise of 24 Derivative warrants issued by KGI
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08/11SET ADDS NEW LISTED SECURITIES : CPALL42C2212G to be traded on August 15, 2022
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08/11CP ALL PUBLIC : Resolution of the Exercise of 34 Derivative warrants issued by FSS
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08/11CP ALL PUBLIC : Resolution of the Exercise of 75 Derivative warrants issued by YUANTA
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08/10CP ALL PUBLIC : Notification of the Resolutions of the Board of Directors' Meeting No.6/20..
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08/10CP ALL Public Company Limited Reports Earnings Results for the Second Quarter and Six M..
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08/03SET ADDS NEW LISTED SECURITIES : CPALL13C2212A to be traded on August 4, 2022
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07/14CP ALL PUBLIC : Resolution of the Exercise of 17 Derivative warrants issued by KGI
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07/11CP ALL PUBLIC : Resolution of the Exercise of 11 Derivative warrants issued by KKPS
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Financials
Sales 2022 817 B 22 852 M 22 852 M
Net income 2022 16 099 M 450 M 450 M
Net Debt 2022 290 B 8 122 M 8 122 M
P/E ratio 2022 37,1x
Yield 2022 1,36%
Capitalization 548 B 15 321 M 15 321 M
EV / Sales 2022 1,03x
EV / Sales 2023 0,93x
Nbr of Employees -
Free-Float 60,0%
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Mean consensus BUY
Number of Analysts 21
Last Close Price 61,00 THB
Average target price 74,53 THB
Spread / Average Target 22,2%
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Managers and Directors
Yuthasak Poomsurakul Chief Executive Officer
Kriengchai Boonpoapichart Chief Finance Officer, SVP-Accounting & Finance
Soopakij Chearavanont Chairman
Wiwat Pongritsakda Vice President-Information Technology
Thupthep Jiraadisawong Senior Vice President-Operation
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