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Vietnam’s Tea Maker Seeks $3 Billion to Become the Next Red Bull

  • Nation’s top local beverage firm looking for strategic partner
  • Tan Hiep Phat had spurned a deal with Coca-Cola in 2012
Bloomberg business news
THP CEO Seeks $3 Billion To Rival Red Bull in Asia

Seven years after turning down a $2.5 billion offer from Coca-Cola Co., Vietnam’s biggest homegrown beverage company is seeking a strategic partner that can invest $3 billion to help make it the next Red Bull.

Tan Hiep Phat Beverage Group, known as THP locally, is open to mergers and acquisitions to become one of Asia’s top drinks makers, Tran Qui Thanh, the founder of the closely held business said in an interview. The company is looking to expand sales in neighboring Southeast Asian countries, after spending $500 million on three new factories at home, he said.