Japanese retailer Aeon Company Ltd (TYO:8267) and Thai The Central Group have appointed investment banks as advisors on a possible bid for Indonesian retailer PT Matahari Department Store, a portfolio company of UK private equity firm CVC Capital Partners Ltd, Reuters reported Friday, quoting unidentified sources in the know.
Central Group would act via a unit, Reuters said.
The investment company aims to sell the Indonesian retailer for as much as USD3.5bn (EUR2.6bn), the insiders told the agency.
According to a report by Reuters of October 2012, CVC had hired banks to help it offload its 80% interest in the Indonesian company.
CVC may also proceed with a public placement of its shares in Matahari if there are no suitors for the business before a tentative March deadline, Reuters noted. The private equity firm is pondering a share sale to institutional investors, which may fetch up to USD1.5bn, the sources told the agency.
CVC did not wish to comment on the matter, when reached by Reuters, while the tipped potential suitors denied plans for buying PT Matahari.