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March 20, 2019, 4:17 p.m. EDT

China : Tencent mulling bid for Temasek's 10% stake worth US$3b in retailer AS Watson: sources

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Mar 20, 2019 (Euclid Infotech Ltd via COMTEX) -- Chinese Internet giant Tencent Holdings Ltd is weighing a bid for part of Temasek Holdings Pte's stake in global retailer AS Watson Group, people with knowledge of the matter said.

The Singapore investment company is considering selling around a 10 per cent stake in AS Watson for about US$3 billion, according to the people, who asked not to be identified because the information is private. That's just under half of its 25 per cent holding. Tencent may team up with some investment funds for an offer for the stake in AS Watson, which is a unit of Hong Kong tycoon Victor Li's CK Hutchison Holdings Ltd, the people said.

The holding has also drawn interest from Chinese tech billionaire Jack Ma's Alibaba Group Holding Ltd, according to the people. Potential buyers are being invited to management presentations this month, one of the people said.

Temasek is working with an adviser to consider possibilities for its 25 per cent holding in AS Watson after receiving some preliminary interest, Bloomberg News reported in January. It bought the stake in AS Watson for HK$44 billion (S$7.6 billion) in 2014.

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