Convenience store operator CP All has received the green light to go ahead with its $6.6 billion acquisition of discount retailer Siam Makro a deal with the highest valuation among retail sector acquisitions in Asian emerging markets during the past five years, according to analysts.
At a shareholder meeting on Wednesday, 87% of shareholders voted in favour of the acquisition, well above the 75% that CP All needed. CP All’s stock had initially plunged by as much as 10.3% to Bt38.5 immediately after the news of the acquisition on April 24. However, since then, the company embarked on a roadshow meeting with shareholders to rally support for the deal and...
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