Japan's Aeon eyes CVC's Matahari - report
Japan's Aeon Group and a unit of Thailand's Central Group are said to be eyeing CVC Capital Partners-owned Indonesian retail group Matahari Department Store.
According to Reuters, the private equity firm is seeking as much as $3.5 billion. Last October it appointed banks to coordinate a sale.
CVC paid $633 million for a 72.6% stake in early 2010 from Matahari Putra Prima, a company controlled by the Riady family's Lippo Group. The transaction was structured as a joint venture, with Lippo Group spinning off its 98.15% holding in the company into a joint venture that is 80%-owned by CVC.
News of Aeon and Central's interest comes just ahead of the March deadline after which CVC will have to pursue a sale of its shares in the open market if no other offers emerge.
The public market option that CVC is considering is a placement of up to 40% of its shares to institutional investors that could raise up to $1.5 billion. CVC was earlier reported to be roping in Temasek Holdings and American International Group (AIG) as cornerstone investors in the deal.
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