Tesco and China Resources Enterprise (CRE) have entered into
a memorandum of understanding and are in talks to combine their Chinese retail
operations to form a multi-format retailer in China. The proposed joint venture
would create a business with sales of around £10 billion, in which CRE and
Tesco’s effective interests are expected to be 80 percent and 20 percent
respectively. The transaction is subject to further due diligence and agreement
of final terms.
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