Tesco to buy S.Korea E-Land's outlets for 976 million pounds

Wed May 14, 2008 7:26am BST

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SEOUL (Reuters) - Retailer Tesco's (TSCO.L) South Korean unit will buy 36 discount stores from local rival E-Land for 1.95 trillion won (976 million pounds), a spokeswoman at the Tesco unit said on Wednesday.

E-Land bought most of those outlets from France's Carrefour (CARR.PA) in 2006 for $1.85 billion (951 million pounds).

Tesco's South Korean discount store chain Home Plus is the second-largest in the country behind Shinsegae's (004170.KS) E-Mart chain.

($1=1045.4 Won)

(Reporting by Rhee So-eui; Editing by Keiron Henderson)

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