CP's spending spree

Thailand continues to produce M&A deals, spurred on by cheap funding and quiet rivalry among the kingdom's tycoons.
Dhanin Chearavanont
Dhanin Chearavanont

Thailand’s richest man, Dhanin Chearavanont, has done plenty of shopping during the past few months. The 74-year-old tycoon helms Charoen Pokphand Group, an unlisted entity with stakes in a sprawling web of listed enterprises, including poultry company CP Foods, convenience store operator CP All and telco True Corp.

His hobbies include raising bantam chickens for cockfights and he shows no signs of backing down from challenges despite his age. Nor has he turned cautious. To the contrary, he has been doubling down on his bets.

In February, CP Group bought HSBC’s 15.5% stake in mainland insurance company Ping An Insurance for $9.4 billion. The deal was...

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