Thai energy company PTT has told the Thai Stock Exchange that it has dropped out of the bidding for grocery retailer Carrefour‘s Asian assets.

“Following the preliminary study and upon receiving feedback from various stakeholders of PTT, PTTRM [PTT’s retail subsidiary] decided not to proceed with the bidding,” the company said.

The retailer’s sale of its assets in Thailand, Malaysia and Singapore have been shrouded in secrecy, with the retailer denying the disposals, which could raise US$1bn for the retailer.

However, the Financial Times and Wall Street Journal have reported that remaining bidders for the assets include French retailer Casino and British giant Tesco.

Other bidders reportedly include Thai retailers Big C, which Casino part owns and Central Group, as well as Thai FMCG firm Berli Jucker Pcl.