<article>Thai agri-business and retail major Charoen Pokphand Group (CP group) has refuted all rumours regarding the buy out of the Thai operations of financially stressed UK retail major Tesco Lotus.</article>

Thai agri-business and retail major Charoen Pokphand Group (CP group) has refuted all rumours regarding the buy out of the Thai operations of financially stressed UK retail major Tesco Lotus.
According to a company official, even if Tesco Lotus ( Thailand) is put on the block, the valuation is expected to be much higher than the CP  group was willing to pay, presently. &#8220;If Tesco Lotus decides  to sell it&#8217;s business in Thailand, it must sell at the very expensive price and that does not interest CP Group at this moment,” said executive vice president Sarasin Viraphol.
The rumours of the buy- put are said to have originated from brokers and analysts who believe that Tesco Lotus is considering selling out its business in some countries, including Thailand.
“Nothing is confirmed, but I don’t believe that CP will buy it. One reason is that if we decide to buy, the society may accuse us of monopolizing the country’s retail business. Also, we do not have  that kind of money right now,” he added.
According to him, the TCC Group (owned by Thailand’s whisky and property tycoon Charoen Sirivadhanabhakdi)  might be a better fit as a potential buyer of Thailand operations of Tesco Lotus.
Meanwhile, Tesco Lotus corporate affairs director Salinla Sihaphan said that that the company had made no announcements about sale of business in Thailand and continues to run it&#8217; s operations as usual.
Currently, Tesco Lotus has 1,800 branches in Thailand, of which 1,500 are Tesco Lotus Express convenient Stores. It&#8217;s sales revenue in Thailand are the third highest globally,  following revenues from operations in United Kingdom and Korea.
The company expansion plans include setting up new distribution centers in every region. Currently,  Tesco Lotus is exploring location in the North and is constructing one such centre in Surat Thani province, which is scheduled to become operational early next year.
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CP group refutes Tesco Lotus buyout rumors

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CP group refutes Tesco Lotus buyout rumors

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