BANGKOK (AP) — Thai convenience store giant CP All is making a $6.6 billion offer to buy discount-store operator Siam Makro in Asia's biggest takeover so far this year.
The operator of 7-Eleven stores in Thailand on Tuesday announced an agreement to buy a 64.35% stake in Siam Makro from SHV Nederland.
It will make a general offer for the remaining shares in Makro.
CP All is part of Thai conglomerate Charoen Pokphand Group which is owned by Thailand's richest man Dhanin Chearavanont.
The billionaire earlier this year bought a 15.6 percent stake in China's Ping An Insurance for $7.4 billion.
CP All's Chief Executive Korsak Chairasmisak said the acquisition will add a new channel to export Thai products to Southeast Asia since Siam Makro also has a wholesale business.