The move is in line with the French company’s plans to cut its debt.

The deal to purchase the controlling stake in Thailand’s leading hypermarket chain will cost tycoon Charoen Sirivadhanabhakdi’s holding company Bt252.88 a share.

An agreement between the two companies could be announced before the market opens in Asia this morning.

Responding to the Casino Group’s decision to divest its shares in Big C, Warunee Kitjaroenpoonsin, director of corporate affairs at Big C Supercentre, said Big C was a public listed company consisting of many shareholders, with Casino the majority shareholder.

Warunee said the decision to divest the stake was in line with what public listed companies did.

Warunee said that despite having a new majority shareholder, Big C would continue to follow its strategic priorities set for 2016.

They include a business expansion, with the opening of six hypermarkets, three Big C Markets and 75 Mini Big C stores.

Major renovations of seven Alcudia outlets are also planned this year, while Big C aims to maintain its brand-price leadership in the market.