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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Carrefour cuts rivals from S.E Asian store auction: report AFP - Monday, September 13 Send IM Story Print Carrefour cuts rivals from S.E Asian store auction: report Slideshow: Full Photo Coverage: Business & Economy HONG KONG (AFP) - – French retail giant Carrefour has taken rivals Tesco and Japan's Aeon out of the bidding for its Southeast Asian stores, the Wall Street Journal reported Sunday. Carrefour, the world's second-largest retailer after Wal-Mart, hopes to raise one billion dollars from the sale of its assets in Singapore, Thailand and Malaysia, the Journal said citing "people familiar with the matter". Several companies have gone through to the next round of bidding, set for November, including France's Casino and Thai-owned firms Big C Supercenter PC, Central Group, Berli Jucker and PTT, according to the report. Carrefour chief executive Lars Olofsson in May said he would consider offers for the company's assets in markets where it was not first or second, the Journal said, raising the prospect of an auction of its stores in the growing region. It cut several companies from the bidding process because they had put in low prices, the Journal reported. Japan's Aeon group acquired Carrefour's Japanese operations in 2005, five years after Carrefour entered Japan. Tesco, the world's third-biggest retailer, had previously declined to comment on the Asian auction but the British group has been steadily expanding across Southeast Asia. Carrefour said it made a net profit of 82 million euros (104 million dollars) in the first half of this year, after a loss in the same period of 2009. At the results announcement, Olofsson refused to comment on the group's plans in Asia amid speculation that he wants to raise money to fund an ambitious revamp of hypermarkets in Europe. The company has focused on its European stores but is investing heavily in growing markets including China -- where it is to open or acquire 143 stores this year. Recommend Send IM Story Print Related Articles Moody's: Incubator Bank fails, limited impact on Japan SME CLOs Reuters - 25 minutes ago CORRECTED - CORRECTED-UPDATE 2-China oil demand growth quickens to 7.4 pct Reuters - 25 minutes ago India Tata Tele says adds 2.1 mln wireless users in Aug Reuters - 29 minutes ago Cambodia garment workers begin big strike over pay AFP - 30 minutes ago Europe shares hit highest since April; banks up Reuters - 32 minutes ago News Search Top Stories Greece fears renewed fuel shortage Mosque retreat will feed extremism, warns NY imam Greek PM rules out any restructuring of national debt French New Wave film director Claude Chabrol dies at 80 Central bankers reach deal on new bank regulations More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended US pastor puts Koran-burning on hold Doomsday warnings of US apocalypse gain ground Ceremonies in NY, Washington mark 9/11 anniversary Barclays chief hits back at 'casino banker' critics Kim Clijsters defends US Open title More Most Viewed » Climate: New study slashes estimate of icecap loss Earth's upper atmosphere shrinking, scientists say Tiger's ex breaks her silence on sex scandal US pastor puts Koran-burning on hold Japanese rider Tomizawa dies in San Marino Moto2 GP More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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