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Aeon, Central Group eye stake in Indonesian retailer Matahari

RBR Staff Writer Published 28 January 2013

Japanese retailer Aeon and Thailand's Central Group are keen to acquire a stake in Indonesia-based Matahari Department Store.

Private equity group CVC is expected to offload its stake in Matahari and is looking at a valuation of $3.5bn, reported Reuters citing sources in know of the developments.

The equity group had earlier appointed bankers to help offload its stake in the department store, which was acquired in 2010 for $790m.

CVC is looking to either sell the entire stake to a corporate entity or a public sale of shares if no institutional buyer expresses interest.

Aeon and Central Group are reportedly keen to express interest before the March 2013, after which CVC is expected to pursue to public sale of shares.

A formal bid, by either company is currently ruled out.

The department store chain currently operates 110 stores in 50 of the country, with no major rival in the mid-market segment.

CVC, meanwhile, is also closing on a $1.7bn takeover of KFC franchises in Malaysia.