BJC closes Big C tender offer

SET-listed Berli Jucker Plc (BJC), the major shareholder in Big C Supercenter Plc, yesterday closed its 25-day tender offer for the remaining 41.45% stakes in the hypermarket chain.

BJC did not report the result of its tender offer.

But it is expected that BJC, which held a 58.55% stake in Big C before the tender offer, can at least raise its holding to 85%, said an informed source at BJC.

Central Group, which has a 25% stake in Big C, on Tuesday agreed to sell its holding at the tender offer of 252.88 baht per share. A minor shareholder with a 1.45% stake also agreed to sell.

A source close to the share sale said Central would get about 50 billion baht from the Big C share sale and it would use the money to fund its Big C Vietnam purchase.

BJC has prepared a budget of 86.46 billion baht to buy the remaining 41.45% or 341.92 million shares in Big C.

BJC’s tender offer agents are Krungthai Bank, KT Semico Securities, Bualuang Securities, Kasikorn Securities and Phatra Securities. The tender offeror is BJC Supercenter, which also represents BJC Retail Holding and Samphunsamer. All of them are BJC subsidiaries.

Prior to the tender offer, BJC held a 58.55% stake in Big C through BJC Supercenter (32.1%) and Saowanee Holding (26.45%).

TCC Group, led by billionaire Charoen Sirivadhanabhakdi, won the bidding to buy the Big C assets in Thailand from French retailer Casino Group for €3 billion (120 billion baht). The group assigned BJC, its flagship retail unit, to control Big C.

Big C has plans to open 84 new stores this year, including branches of Big C Market and Mini Big C as well as Pure drugstores.

A retail industry source said Central decided to sell its 25% stake in Big C because it wanted to unlock itself from an agreement with Casino that meant Central could not operate its hypermarket or discount store business on its own in Thailand.

BJC shares closed yesterday on the Stock Exchange of Thailand at 36.50 baht, up 50 satang, in trade worth 45.7 million baht

BIGC shares closed at 236 baht, down two baht, in trade worth 4.53 million baht.