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Business trends

Asia's family-run business empires forge ahead in turbulent times

Thailand's CP pushes on with $11bn Tesco acquisition despite market turmoil

CP Group Senior Chairman Dhanin Chearavanont in 2019. The family-dominated firm was able to proceed with the buyout of Tesco operations in Southeast Asia despite an unsettled market. (Photo by Kosaku Mimura)

BANGKOK -- The timing was peculiar when the $10.57 billion takeover of Tesco's businesses in Thailand and Malaysia was announced by Thai conglomerate Charoen Pokphand in early March -- the world's stock markets were in turmoil as the coronavirus pandemic extended its reach.

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