(Photo supplied)Siam Makro Plc surged as much as 24% after Thailand’s biggest operator of cash-and-carry stores announced a plan worth about 218 billion to take control of retailer Lotus from other affiliates of the Charoen Pokphand Group. That will trigger a mandatory tender, and after existing owners buy the new shares, they will then sell them to a unit of Siam Makro, the statement said. Siam Makro’s largest shareholders are units of the Charoen Pokphand Group, a holding company of the Chearavanont family, Thailand’s richest dynasty. After the tender and share swaps, Siam Makro will control 76% of Lotus, according to the exchange statement. Shares of CP All rose as much as 4.2% and Charoen Pokphand Foods was up as much as 1.8%.

Source: Bangkok Post September 01, 2021 08:48 UTC