Home
Investment
News & Views
Company News
news storage
Tesco wants Carrefour's SE Asian empire
Wed, 08 Feb, 2012
INVESTMENT NEWS
Company Search
Search QCK.COM
Investment Home
News & Views
Top Stories
Charting
Company Search
Watchlist
Market Reports
Market Buzz
Company News
Economic News
New Issues
Other News
Tesco wants Carrefour's SE Asian empire
Thu, 2 Sep 2010, 11:23:00
Britain's largest supermarket <b>Tesco</b> is one of ten bidders battling it out to win the Southeast Asian business of French supermarket chain Carrefour. Up for grabs are 61 stores in Malaysia, Singapore and Thailand worth an estimated £650m. Tesco already has a big operation in the region, mostly in South Korea, but also in China, Japan, Malaysia and Thailand, where the majority of Carrefour's shops are. Some of the world's big name retailers are involved in the auction process, including Singapore-based Dairy Farm and Aeon of Japan, although Wal-Mart is thought to be sitting it out. Carrefour is the second largest retailer on earth after the American behemoth. Tesco is third. The UK firm reported "encouraging" first quarter growth in Asia of 15.4%, or 4.9% at constant exchange rates, despite political uncertainty in Thailand and Korea. It made a trading profit there of £440m in the 12 months to February, 24% higher than the year before. Sales leapt 20% to over £9bn. Korea accounted for £4.5bn of sales and profits of nearly £300m. "Our Asian markets offer a significant long-term opportunity," the company said.
©2004-2009 QCK.com
