6th Nov 2020 19:12
(Alliance News) - Tesco PLC on Friday said it has noted the recent press release by the Office of Trade Competition Commission in Thailand approving the proposed sale of its business in Thailand to CP Group.
The grocer said it is awaiting CP Group receiving the formal regulatory approval notice from the Office of Trade Competition Commission in Thailand and will make a further announcement when appropriate.
In early March, Tesco said it agreed to sell these to a combination of CP Group entities for USD10.6 billion on a cash and debt free basis.
CP Group entities comprise of CP Retail Development Co Ltd, Charoen Pokphand Holding Co Ltd, CP All Public Ltd Co and CP Merchandising Co Ltd.
Tesco had said it expects to secure USD10.3 billion upon completion of the transaction, which is expected in the second half of 2020. Tesco also said at the time it will return GBP5.0 billion to its shareholders via a special dividend. It confirmed that plan on Wednesday, saying it will call a shareholders meeting to approve the payout once the Asian deal is done.
Tesco shares closed 2.5% higher in London on Friday at 217,80 pence each.
By Evelina Grecenko; [email protected]
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