Charoen Pokphand News
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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.
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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.
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Billionaire Dhanin Chearavanont’s CP All Pcl plunged the most in more than four years after offering to pay $6.6 billion for Siam Makro Pcl on investor concern the price was too high.
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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.
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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.
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CP All Pcl, the world’s third- biggest operator of 7-Eleven convenience stores, is preparing a takeover offer for Siam Makro Pcl, said people with knowledge of the matter.
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Thai billionaire Dhanin Chearavanont, who bought a $9.4 billion stake in Ping An Insurance (Group) Co. from HSBC Holdings Plc in February, said he is seeking more acquisitions to tap growth in China.
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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.
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HSBC Holdings Plc is in talks to sell shares of Ping An Insurance Group Co. to Thailand’s Charoen Pokphand Group for about HK$74 billion ($9.6 billion), the Shanghai Securities News reported.
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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.
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