Tesco has been thwarted once again in its bid to acquire Carrefour’s Asian stores as reports emerge that the French supermarket giant has suspended the sale of its Malaysian and Sinapore stores due to bidders offering too little.
Carrefour rejected offers in a second round of bidding that closed on November 5, according to Reuters. Potential bids could not persuade the grocer to part with its stores.
Tesco was this week pipped to the post by French chain Casino to acquire Carrefour’s 40 Thailand stores.
International expansion is a key part of Tesco’s growth plan, and it is particularly strong in Asia. Incoming chief executive Phil Clarke has presided over Asia for the past few years too.