Tesco has moved to expand its overseas presence with a bid for more than 60 Carrefour stores in southeast Asia.
The UK’s largest supermarket is among at least 10 bidders for the stores, which have been valued at $800m-$1bn. The estate includes 40 supermarkets in Thailand, 19 in Malaysia and two in Singapore.
Earlier this summer, Tesco was linked with a move for South Korean supermarket chain Kim's Club.
According to the Financial Times, confirmed bidders include Japanese retail giant Aeon, Dairy Farm of Singapore and Carrefour’s French rival Casino.
The news comes after Carrefour chief executive Lars Olofsson this week said the retailer was re-focusing its overseas efforts on a handful of key developing markets.
He raised the possibility of a return for the retailer to Russia, less than a year after Carrefour pulled the plug on its short-lived venture Russian debut.
Carrefour U-turns again over Russia (1 September 2010)
Tesco supermarket swoop could be a good Korea move (14 June 2010)