Tycoon’s $17 Billion Bid for Thai Telecom Giants Draws Skeptics

The Bangkok-based conglomerate, controlled by the 56-year-old Sarath and his family, this week offered to purchase about 81% of Intouch Holdings Pcl that it doesn’t already own in a deal amounting to 169 billion baht ($5.4 billion). Subject to securing at least 50% of Intouch, the group will also tender for 100% of Advanced Info Service Pcl, the wireless service. For the latter deal, it will need an additional 365 billion baht. Gulf Energy’s net debt almost doubled to 120 billion baht last year, according to data compiled by Bloomberg.