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Tesco in talks to merge China stores with local retailer: report
August 8, 2013 / 5:47 PM / 4 years ago

Tesco in talks to merge China stores with local retailer: report

(Reuters) - Britain’s Tesco Plc (TSCO.L), the world’s number three retailer, is set to announce on Friday an agreement to merge its operations in China with a division of state-controlled retailer China Resources Enterprise (CRE) (0291.HK), Sky News reported on Thursday citing people close to the talks.

Trolleys are stacked outside a Tesco store in Hammersmith, west London October 3, 2012. REUTERS/Paul Hackett

Sky reported that the supermarket group is set to sign an agreement to merge its store estate in China with that of Vanguard, part of CRE. (r.reuters.com/pym32v)

A spokeswoman for Tesco declined to comment on the report.

The Sky report, citing people familiar with the talks, said Tesco was likely to have a 20 percent stake in the enlarged business and that finalizing the agreement was likely to take several months.

Reporting by Karen Rebelo in Bangalore. Editing by Jane Merriman

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