Thai firms go on shopping spree abroad
Oil Major PTT is ready to take over Cove Energy’s Africa operations for $1.9 billion, and brewer Thai Beverage is up to tap the Singapore drinks market in a $2.14 billion deal.
News spread rapidly on July 18 that PTT Exploration and Production (PTTEP), a subsidiary of Thailand’s national oil conglomerate PTT, is set to win the planned acquisition of Cove Energy, a UK-based oil exploration firm with focus on East Africa.
Royal Dutch Shell, which was also bidding for Cove, pulled out of the process after a five-month bidding race, leaving PTTEP the sole bidder for the $1.9-billion takeover deal. Further details are expected next week.
PTTEP reportedly plans to spend up to $20 billion on expansion of Cove’s operations in Mozambique, Tanzania and Kenya by 2016 to triple daily output.
On top of its expansion plans into Africa, PTT is also going to invest up to $3 billion in Myanmar in a crude oil refinery, coal mines and a power plant, Nattachat Charuchinda, chief operating officer of PTT’s petroleum business, said on July 17.
These expansions are part of a plan to establish a series of worldwide ‘growth centers’ for PTT in regions or countries which have been identified by Pailin Chuchottaworn, group chief executive of PTT, as Africa, Myanmar, Australia and North America, the Financial Times reported.
However, PTT is not the only Thai company currently embarking on a shopping spree abroad. TCC Group, the owner of Thailand’s biggest beer brewer Thai Beverage with well-known brands such as Chang Beer and Mekhong Whiskey, is reportedly bidding for stakes in Singapore’s beverage majors Fraser & Neave and Asia Pacific Breweries, maker of Tiger Beer.
TCC aims to buy the stakes, worth around $2.14 billion at current stock prices, from stakeholder Oversea-Chinese Banking Corporation and may bid for them through Thai Beverage, which is listed at the Singapore stock exchange. No official confirmation of the acquisitions plans has been made as of now.
[caption id="attachment_3873" align="alignleft" width="300"] State-owned Thai oil & gas major PTT looks out for new global opportunities[/caption] Oil Major PTT is ready to take over Cove Energy's Africa operations for $1.9 billion, and brewer Thai Beverage is up to tap the Singapore drinks market in a $2.14 billion deal. News spread rapidly on July 18 that PTT Exploration and Production (PTTEP), a subsidiary of Thailand's national oil conglomerate PTT, is set to win the planned acquisition of Cove Energy, a UK-based oil exploration firm with focus on East Africa. Royal Dutch Shell, which was also bidding for Cove, pulled out...
Oil Major PTT is ready to take over Cove Energy’s Africa operations for $1.9 billion, and brewer Thai Beverage is up to tap the Singapore drinks market in a $2.14 billion deal.
News spread rapidly on July 18 that PTT Exploration and Production (PTTEP), a subsidiary of Thailand’s national oil conglomerate PTT, is set to win the planned acquisition of Cove Energy, a UK-based oil exploration firm with focus on East Africa.
Royal Dutch Shell, which was also bidding for Cove, pulled out of the process after a five-month bidding race, leaving PTTEP the sole bidder for the $1.9-billion takeover deal. Further details are expected next week.
PTTEP reportedly plans to spend up to $20 billion on expansion of Cove’s operations in Mozambique, Tanzania and Kenya by 2016 to triple daily output.
On top of its expansion plans into Africa, PTT is also going to invest up to $3 billion in Myanmar in a crude oil refinery, coal mines and a power plant, Nattachat Charuchinda, chief operating officer of PTT’s petroleum business, said on July 17.
These expansions are part of a plan to establish a series of worldwide ‘growth centers’ for PTT in regions or countries which have been identified by Pailin Chuchottaworn, group chief executive of PTT, as Africa, Myanmar, Australia and North America, the Financial Times reported.
However, PTT is not the only Thai company currently embarking on a shopping spree abroad. TCC Group, the owner of Thailand’s biggest beer brewer Thai Beverage with well-known brands such as Chang Beer and Mekhong Whiskey, is reportedly bidding for stakes in Singapore’s beverage majors Fraser & Neave and Asia Pacific Breweries, maker of Tiger Beer.
TCC aims to buy the stakes, worth around $2.14 billion at current stock prices, from stakeholder Oversea-Chinese Banking Corporation and may bid for them through Thai Beverage, which is listed at the Singapore stock exchange. No official confirmation of the acquisitions plans has been made as of now.
