Germany's Metro has rejected an offer for its Vietnam Cash and Carry business, reported to be from CP Group, the conglomerate run by Thai billionaire Dhanin Chearavanont.
"Our Vietnam business is not for sale," a Metro spokesman said on Thursday, adding Metro had rejected unspecified offers.
Dow Jones news agency, citing unnamed sources, reported earlier that CP Group remained interested in the business worth more than $500 million despite Metro's rejection of its initial offer.
Europe's fourth-biggest retailer, which runs cash and carries, supermarkets, department stores and the region's top consumer electronics chain, is slimming down and cutting costs to try to revive its fortunes.
Metro, which runs over 2,200 outlets in 32 countries but gets just over two thirds of sales from Germany and other western European countries, has been divesting non-core businesses, cutting prices at its cash and carries, as well as revamping product ranges and investing in its delivery arm.
Metro shares jumped in November after it said it might list up to a quarter of its Cash & Carry Russia business on the stock market this year.