Thai retail giant in $8.18b takeover offer

BANGKOK (AP) - Thai convenience store giant CP All is making a US$6.6 billion (S$8.18 billion) offer to buy discount-store operator Siam Makro in Asia's biggest takeover so far this year.

The operator of 7-Eleven stores in Thailand on Tuesday announced an agreement to buy a 64.35 per cent stake in Siam Makro from SHV Nederland.

It will make a general offer for the remaining shares in Makro.

CP All is part of Thai conglomerate Charoen Pokphand Group which is owned by Thailand's richest man Dhanin Chearavanont.

The billionaire earlier this year bought a 15.6 per cent stake in China's Ping An Insurance for US$7.4 billion.

CP All's Chief Executive Korsak Chairasmisak said the acquisition will add a new channel to export Thai products to South-east Asia since Siam Makro also has a wholesale business.