Billionaire Dhanin Chearavanont’s ambitions to create Southeast Asia’s largest retailer already wiped out $2.3 billion for CP All Pcl investors. Now, funding the industry’s most expensive bid may put more value at risk.
Dhanin Chearavanont, whose Thailand 7-Eleven stores unit bid $6.6 billion this week for cash-and- carry retailer Siam Makro Pcl, is adding to his billionaire status by outperforming global counterparts.
When billionaire Dhanin Chearavanont needed cash in 2005, he sold a stake in Thailand’s biggest wholesale chain for 60 baht a share. Eight years later, he’s offering 13 times that to reassemble his empire.
Billionaire Dhanin Chearavanont’s CP All Pcl, owner of Thailand’s 7-Eleven chain, offered to pay about $6.6 billion for discount retailer Siam Makro Pcl in the biggest takeover announced in Asia this year.
Thai billionaire Dhanin Chearavanont stands to make at least HK$12 billion ($1.5 billion) of profit from his purchase of a stake in Ping An Insurance (Group) Co., China’s second-largest insurer, from HSBC Holdings Plc.
China’s insurance regulator is set to reject Charoen Pokphand Group’s proposed $9.4 billion purchase of HSBC Holding Plc’s stake in Ping An Insurance Group Co. on concerns the group may not be able to fund the acquisition, the South China Morning Post reported.