Tesco (TSCO) could sell its operations in Malaysia and Thailand as part of a strategic review, as the retail giant prepares for a new boss to take the reins. Britain’s largest supermarket chain is considering the future more than 2,000 stores in the south-east Asian countries after approaches from potential buyers. In a statement, Tesco said that following “inbound interest”, it has “commenced a review of the strategic options for its businesses in Thailand and Malaysia, including an evaluation of a possible sale of these businesses”. The Asian operations could be worth as much as $9bn (£6.8bn), according to reports.
Eddie Stobart Logistics (ESL) has clawed its way back from the brink after investors backed a rescue that puts the son of its founder back in the driving seat. Shareholders overwhelmingly supported a proposal from offshore fund DBay Advisors at a crunch meeting in London on Friday – saving the company from, administration months after its finances were crippled by an accounting scandal. William Stobart, whose father Eddie founded the business 50 years ago, has been appointed executive chairman under the terms of the deal. DBay – already the company’s biggest shareholder – will take a majority stake in return for a £55m high-interest loan.
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