The potential sale of Tesco’s multibillion-pound Asia business could lead to a bumper payout for investors, prompting shares in the retailer to rally (The Times £). Tesco shares climbed in early trading after it confirmed it was considering selling its Thai and Malaysian businesses after an approach by an unnamed buyer (The Daily Mail).

Asian suitors are most likely behind a £7bn swoop for Tesco’s Lotus grocery business Thailand and Malaysia, City analysts believe (The Telegraph). Tesco could net a windfall of up to £7.2bn by selling its Asia business, according to a City analyst and former supermarket executive (Sky News).

The FT warns that disposing of its Asian operations would mean disposing of some of the UK-based retailer’s finest returns. “Shareholders should stick around for any pay-off from a sale; check out promptly afterwards.” (The Financial Times £)

Similarly Alistair Osborne in The Times (£) writes: “That doesn’t mean Tesco should necessarily sell. When it got shot of its Korean arm for £4bnin 2015, it needed the money. Not now. It’s well capitalised enough for cash returns. And flogging higher-margin Asia would leave Mr Murphy shorn of the key growth business, not least after Tesco’s wider overseas retreat.” (The Times £)

“Tesco must think hard before selling off its southeast Asian golden goose,” writes Ben Marlow in The Telegraph. “A sale in Asia would leave central Europe and Ireland as Tesco’s only remaining non-UK operations, meaning Lewis would have overseen a ruthless dismantling of the sprawling empire built by predecessor-but-one Terry Leahy.” (The Telegraph)

The £5bn bidding battle for Just Eat is heading for a Christmas showdown, with both suitors under mounting pressure to sweeten the terms of their competing offers for the food delivery group (The Times £). Naspers boosted its cash bid to take over Just Eat to just over £5bn, escalating a battle with Takeaway.com to win over the food delivery company’s shareholders (The Financial Times £). Dutch investment firm Prosus has sprinkled an extra £200million on top of its offer for takeaway delivery app Just Eat (The Daily Mail). The battle for control of UK food delivery firm Just Eat has intensified as rival bidder Prosus raised its offer to £5.1bn (The Guardian).

A war of words breaks out as the preferred partner argues that “a slightly higher derisory cash bid remains a derisory cash bid”. (Sky News)

The new offer was described as ‘derisory’ by rival, but it prices in the presence of Uber, writes The FT. “It also makes Takeaway.com’s all-share offer look like one based on a toppy and outdated valuation. Just Eat and Takeaway.com have had market-leading positions for years. But, unlike the burger stand at Santa’s grotto, they’ll be up against tougher customers from now on.” (The Financial Times £)

For the first time in nearly a decade, Goldman Sachs thinks that investors should buy shares in Marks & Spencer — a notable U-turn for the investment bank from the gloomy “sell” recommendation that it has held on the retailer for much of the recent past (The Times £). Marks & Spencer started the week with a bang as it was bestowed a rare double upgrade from analysts at Goldman Sachs (The Daily Mail).

The owner of Poundland, the UK discount chain, wants to expand into Greece and Italy as part of a plan to triple sales and profits within a decade. (The Financial Times £)

A business group has said it is “inexcusable” that firms do not know who they would be able to hire this time next year under Conservative plans for a points-based immigration system. (The BBC)

Tyson Foods has revealed plans to build a beef plant in Kazakhstan, giving the largest US meat company better access to booming markets nearby in China and other areas of Asia. (The Financial Times £)

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