Mar 9, 2020

Tesco sells its Asian stores in £8bn deal

UK retail giant Tesco has agreed to sell its operations in Thailand and Malaysia for £8bn. The supermarket chain has 2,000 stores across both countries, under the Tesco Lotus brand, and is selling them to Thai conglomerate CP Group. Chief executive Dave Lewis said the sale would allow Tesco "To further simplify and focus" its business. Tesco revealed in December it had received interest for its Asian stores, which employ about 60,000 people, but did not reveal the bidders. The proposed sale was unanimously agreed by the Tesco board, but needs approval from shareholders and regulators. The group actually owned the stores - when they were known as Lotus - back in the late 1990s, but sold them to Tesco after losing money during the Asian financial crisis of 1997.

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