- Supermarket giant Tesco said it had agreed to sell its businesses in Thailand and Malaysia to Bangkok-based CP for $10.6bn (£8.2bn), including debt.

The sale price represented an enterprise value to earnings before interest, tax, depreciation and amortisation multiple of 12.5 times, the company said.

Tesco said it would return around £5.0bn of the proceeds to shareholders via a special dividend, with associated share consolidation.

It also said the sale would reduce its indebtedness through a £2.5bn pension contribution that, along with other measures, was expected to eliminate a current funding deficit.

'This sale releases material value and allows us to further simplify and focus the business, as well as to return significant value to shareholders,' chief executive Dave Lewis said.

The assets were being sold to a number of CP entities, including C.P. Retail Development Company, Charoen Pokphand Holding, CP All Public and C.P. Merchandising.

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