French retailer Casino has beaten supermarket giant Tesco in an auction to buy 40 Thai supermarkets from Carrefour. Casino is set to pay more than €700m for the Thai assets. Tesco, the world’s third largest supermarket by sales, had been tipped as a top contender for the purchase because it is the market leader in the country and has previously done deals with Carrefour, which is the world’s second largest supermarket group by sales. Carrefour had been looking for up to $1bn for stores in Thailand, Malaysia and Singapore. The Malaysian and Singapore auctions are ongoing.