Tesco inks joint venture deal with China Resources

08/9/2013 | Bloomberg Businessweek · Reuters

Tesco has agreed to merge its 131 China stores into a new joint venture with China Resources Enterprise, the country's second-largest hypermarket chain, the companies said Friday. Tesco will control 20% of the new venture, which will also include supermarkets, convenience stores and other retail operations in China, Hong Kong and Macau. The move comes as Tesco is pulling back and exiting some global markets to refocus its resources on its domestic business.

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Bloomberg Businessweek · Reuters

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