At 3.53pm, it was traded at Bt249, an increase of Bt22 or 9.69 per cent.

Casino said in a statement that TCC Corp would buy the stake at 3.1 billion euro or approximately Bt123 billion. The shares are valued at Bt252.88 per share, a 28 per cent premium to the share price on January 14, 2016.

TCC now holds a 74 per cent stake in Berli Jucker (BJC) which operates convenience stores under “B’Smart” brand. It also owns Metro, a wholesale chain in Vietnam.

According to Asset Plus Securities, the acquisition further extends TCC’s business which covers goods manufacturing to distribution.

“It remains difficult for Big C to expect business synergy in the short term, as TCC has no experience in retailing business,” the house said. Moreover, Tesco Lotus may also take this opportunity to launch a new marketing campaign.

“Yet, Big C could win through TCC’s network in CLMV markets, especially Vietnam,” it said, adding that Big C could be used to take over the stake in Big C Vietnam which is also held by Casino Group.