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Tesco Plc And China Resources Enterprise Ltd Sign Memorandum Of Understanding To Create The Multi-format Retailer In China


Friday, 9 Aug 2013 02:00am EDT 

Tesco PLC and China Resources Enterprise, Limited announced that they have entered into a Memorandum of Understanding and are in exclusive talks to combine their Chinese retail operations to form the multi-format retailer in China. The partnership would bring together CRE's deep understanding of local customers, established nationwide infrastructure and track record as a partner with Tesco's global retail experience, international sourcing scale and supply chain capabilities. The proposed joint venture would create a business with sales of some £10bn, in which CRE and Tesco's effective interests are expected to be 80% and 20% respectively. The transaction is subject to further due diligence and agreement of final terms. There is no certainty that a transaction will occur. 

Company Quote

21.7
0.3 +1.40%
11 Jul 2014