Tesco to buy South Korea E-Land's outlets for $1.9 billion
SEOUL (Reuters) - British retailer Tesco Plc's (TSCO.L: Quote, Profile, Research, Stock Buzz) South Korean unit will buy 36 discount stores from local rival E-Land Ltd for 1.95 trillion won ($1.87 billion), a spokeswoman at the Tesco unit said on Wednesday.
E-Land bought most of those outlets from France's Carrefour (CARR.PA: Quote, Profile, Research, Stock Buzz) in 2006 for $1.85 billion.
Tesco's South Korean discount store chain Home Plus is the second-largest in the country behind Shinsegae Ltd's (004170.KS: Quote, Profile, Research, Stock Buzz) E-Mart chain.
($1=1045.4 Won)
(Reporting by Rhee So-eui; Editing by Keiron Henderson)
© Thomson Reuters 2008 All rights reserved
Help us advance this story. Provide relevant links or share your insights using our comment box. Please be considerate and help us by reporting any abuse you find. Reuters will delete comments that don't meet community standards.
Have a correction to this article? Email the editors
Entertainment
Tropical storm Hanna drenches U.S.