Tesco will spend $558 million in cash for a 20% stake in a joint venture with state-backed Chinese retail conglomerate China Resources Enterprise. The new partnership will operate Tesco's 134 stores in China, along with China Resources' 3,000 supermarkets and convenience stores in China and Hong Kong. China's supermarket sales hit about $300 billion last year and are forecast to grow 25% by 2015, according to Euromonitor International.

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