The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Thai M&A enjoys healthy growth

M&A in Thailand has enjoyed unprecedented levels of activity recently. Hungry for assets, Thai companies are looking abroad for their acquisitions. According to UBS, M&A transactions involving Thai corporations have grown from an average of $3.7 billion a year to a record $18.7 billion in 2012.

The risk appetite of Thai companies has changed dramatically since the Asian financial crisis in 1997, when the need to survive in dire conditions trumped expansion. Now that companies have got their balance sheets in order and are supported by strong economic growth, many are looking for cheap assets arising from the eurozone debt crisis.

In 2010, Thai Union Frozen, Thailand’s largest canned and frozen seafood producer, acquired MW Brands, a French canned seafood business, for $833 million; in July 2012, state owned PTT Exploration and Production beat Royal Dutch Shell for natural-gas explorer Cove Energy for $1.9 billion; and in December last year, Thai agribusiness Charoen Pokphand Group bought HSBC’s stake in China’s second-largest insurer, Ping An. Thai based companies are getting aggressive.

"The acquisitions were made for a number of different reasons," says Ian Gisbourne, head of equity research at Phatra Securities. "Thai Union Frozen was already the leader in Thailand and was forced abroad to expand its business; for PTT, the need to expand overseas comes hand in hand with the fact that domestic natural resources are limited." What all transactions have in common, however, is that they are helping to deepen the stock market in Thailand.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree