Tesco checks out of Asia in €8.8bn sale

Tesco agreed to sell its Asian businesses to Thai billionaire Dhanin Chearavanont for more than $10bn (€8.8bn), clinching a record deal in Thailand even as the coronavirus outbreak damps enthusiasm for mergers and acquisitions worldwide.

Tesco said it plans a $6.6bn special dividend after the sale of the assets to Mr Chearavanont’s Charoen Pokphand Group.