Private equity firm Carlyle is teaming up with Thailand’s Charoen Pokphand Group to bid for ParknShop, according to a source familiar with the matter. The joint bid is seen as one of the frontrunners for the supemarket chain.
The two have an existing relationship. In 2010, Carlyle acquired $175 million of convertible preference shares and options in CP Pokphand from CP Group.
ParknShop is owned by Hutchison Whampoa, which is controlled by Asia’s richest man Li Ka-shing. Bank of America Merrill Lynch and Goldman Sachs are advising Hutchison Whampoa.
The other bidders include China Resources Enterprise, Woolworths and Japanese retailer Aeon. ...