French retail giant Carrefour has suspended the sale of its Malaysian and Singapore stores, after bidders offered little to persuade it to sell its operations, according to reports.
It is understood Carrefour rejected offers in a second round of bidding that closed on 5 November, Reuters reported today (16 November), informing bidders that the sale had been “put on hold”.
“The prospect that progress would be made on negotations within this year has now disappeared,” a source told the publication.
Bidders are said to include AEON, Tesco and Hong Kong’s Dairy Farm.
Carrefour announced yesterday (15 November) it has sold its Thai business to Casino subsidiary Big C for EUR868m (US$1.2bn).
Carrefour said the decision to sell the 42 outlets was part of its strategy to “focus its resources on markets where it holds a leadership position and optimise its capital employed”.