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”.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.