PTT has expressed its interest in joining the bid for retailing giant Carrefour in Thailand, which currently has a 15 per cent share in the retail market.
DBS Vickers Securities (Thailand) said in its research that at the analyst meeting yesterday (Aug 19), PTT said that it was interested in bidding for Carrefour. PTT might team up with a partner in the retail industry for the bid.
"The management believes that this will benefit its oil retail business given that PTT has 1,150 gas stations throughout the country. Total investment is estimated at US$600 million. We see limited benefits and low chance of winning given that all major retailers and consumer product distributors, including BIG C Supercentre and Berli Jucker, have also expressed interest," it said.
The market expects the deal to be concluded in the fourth quarter.
PTT, the fully integrated oil and gas company, has a retail subsidiary PTT Retail Management which now operates convenience stores at its fuel stations.