Convenience store group CP All has signed an agreement to acquire Dutch SHV Makro-owned Siam Makro in Thailand.

CP All, controlled by Dhanin’s Charoen Pokphand Group, will pay THB787 (£17.72) a share for 64% of Siam Makro, a total of THB188.88bn (£4.25bn). The acquisition is subject to shareholder approval.

CP All is the leading retailer in Thailand while Siam Makro is the top cash and carry operator in the country. Siam Makro’s sales were up 15%, with profit rising 37% in 2012.