July 3 (Bloomberg) -- Thai Prime Minister Abhisit Vejjajiva conceded defeat in today’s election to Pheu Thai, a party allied with exiled former Prime Minister Thaksin Shinawatra.

Pheu Thai is headed by Thaksin’s sister, Yingluck Shinawatra.

To contact the reporter on this story: Anuchit Nguyen in Bangkok at anguyen@bloomberg.net

To contact the editor responsible for this story: Daniel Ten Kate at dtenkate@bloomberg.net