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Tencent to Consider Bid for $3 Billion A.S. Watson Stake

  • Singapore’s Temasek mulls selling 10% of CK Hutchison unit
  • Minority holding has also drawn interest from Alibaba Group
Pedestrians walk past a Watsons store in Hong Kong.

Pedestrians walk past a Watsons store in Hong Kong.

Photographer: Paul Yeung/Bloomberg
Updated on

Mubadala Investment Co., the Abu Dhabi sovereign fund, and Chinese internet giant Tencent Holdings Ltd. are weighing bids for part of Temasek Holdings Pte’s stake in global retailer A.S. Watson Group, people with knowledge of the matter said.

The Singapore state investment company is considering selling around a 10 percent stake in A.S. Watson for about $3 billion, according to the people, who asked not to be identified because the information is private. Tencent may team up with some investment funds for an offer for the stake in A.S. Watson, which is a unit of Hong Kong tycoon Victor Li’s CK Hutchison Holdings Ltd., the people said.