Business trendsAsia'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)
RYUSHIRO KODAIRA, Nikkei senior staff writer
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.