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Friday, March 29, 2024

Trade watchdog clears CP-Tesco deal

Trade watchdog clears CP-Tesco deal

Conglomerate barred from any more modern-trade retail deals for three years

A shopper walks past a Tesco Lotus superstore in Bangkok. (Reuters File Photo)

The government’s competition watchdog has approved the Charoen Pokphand Group’s US$10.6-billion acquisition of the local retail business of the UK retailer Tesco, with some conditions.

Among them is a ban on CP entering any other modern-trade retailing mergers for three years, excluding e-commerce, the Office of the Trade Competition Commission (OTCC) said on Friday.

As well, the company will be obliged to buy more products from local small and medium enterprises, and to honour existing contracts with suppliers for at least two years.

The transaction will result…

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