May 13, 2008 / 11:40 PM / 11 years ago

Tesco Korea to buy stores for 1.13 billion

A Tesco logo is seen on the outside of the Old Hoover Building branch in west London, January 15, 2008. REUTERS/Toby Melville

SEOUL (Reuters) - Tesco’s (TSCO.L) South Korean unit will buy 35 discount stores from smaller local rival E-Land Ltd for 1.13 billion pounds, Yonhap News reported on Wednesday.

E-Land, a South Korean retailer, bought most of the outlets from France’s Carrefour (CARR.PA) in 2006 for 951 million pounds.

Tesco is the world’s third-largest food retailer.

The two sides are expected to sign a deal on Wednesday, Yonahp said, citing company and industry sources.

($1=1045.4 Won)

Reporting by Rhee So-eui; editing by Jonathan Hopfner

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