Thailand's Berli Jucker (BJC) shareholders on Friday rejected a plan to buy German retailer Metro's Vietnam unit, prompting its major investor TCC Holding to step in and acquire the Vietnamese cash-and-carry retailer.
Some 89 percent of voters disagreed with the deal due to concerns about financial risk, independent director Weerawong Chitmittrapap told a shareholder meeting.
Unlisted TCC Holding, part of TCC group which is controlled by Thai beer tycoon Charoen Sirivadhanabhakdi, has a 73.7 percent stake in BJC. TCC Holding abstained from voting.
TCC Holding's planned acquisition is part of a renegotiated deal to buy the cash-and-carry wholesaler for 655 million euros ($876 million) to expand into the fast-growing consumer goods sector in Southeast Asia.