TCC Group to Fund Bid For Tesco Assets With $10 Billion Loan
TCC Group to Fund Bid For Tesco Assets With $10 Billion Loan
(Bloomberg) -- Tycoon Charoen Sirivadhanabhakdi’s TCC Group will fund its bid for Tesco Plc’s Asian business with a $10 billion two-year loan, according to sources familiar with the matter.
If TCC Group wins the bid and the loan is drawn, it would be among the largest corporate financings on record for Thailand. It would compare with a $6 billion bridge loan that backed Charoen Pokphand Group’s $6.6 billion acquisition of discount retailer Siam Makro Pcl in 2013.
TCC Group is among companies that were earlier short-listed for the potential acquisition of Tesco’s operations in Thailand and Malaysia that could fetch more than $7 billion. Other companies are Dhanin Chearavanont’s CP Group and the Chirathivat family-controlled Central Group.
A spokesperson in the investor relations department at Berli Jucker PCL, the retail arm of the TCC Group, wasn’t able to comment.
IFR Asia earlier reported on the loan for Berli Jucker.
--With assistance from Jing Ying Yeo and Suttinee Yuvejwattana.
To contact the reporters on this story: Apple Lam in Hong Kong at alam271@bloomberg.net;Annie Lee in Hong Kong at olee42@bloomberg.net
To contact the editors responsible for this story: Andrew Monahan at amonahan@bloomberg.net;Shen Hong at hshen87@bloomberg.net
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