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Report: Tencent mulls buying part of Temasek's A.S. Watson stake for US$3B

Tencent Holdings Ltd. is considering buying a portion of Temasek Holdings (Pte.) Ltd.'s stake in health and beauty retailer A.S. Watson Retail (HK) Ltd., Bloomberg News reported, citing sources.

The Chinese internet giant may tap some investment funds to lodge a joint bid for a 10% holding in A.S. Watson that Temasek is considering selling, reportedly worth about US$3 billion.

E-commerce giant Alibaba Group Holding Ltd. is also interested in buying the stake. However, no final decisions have been made and Temasek may eventually decide to retain its holding, the sources told Bloomberg News.

The Singaporean state investment company bought its 24.9% holding in CK Hutchison Holdings Ltd.-owned A.S. Watson in 2014 for about US$5.7 billion.

In October 2018, Tencent teamed up with A.S. Watson unit ParknShop Ltd. and Yonghui Superstores Co. Ltd. to create a retail joint venture company named ParknShop Yonghui.