Tesco Acquires Japanese Chain
TOKYO -- U.K.-based Tesco acquired the C Two-Network supermarket chain here today.
The friendly takeover is reportedly worth about 32.8 billion yen.
"We are delighted that the offer has been successful," Sir Terry Leahy, Tesco's c.e.o., said in a statement. "We look forward to working alongside a young and dynamic Japanese management team to further develop this innovative and profitable business."
C Two operates 78 stores, the majority of which are in the Tokyo area, and its retail food business accounts for 87 percent of its sales.
Leahy said C Two has "good stores in good locations," and that it represents Tesco's next step in its international strategy for long-term growth. In Asia, Tesco also operates stores in South Korea and Thailand.
The friendly takeover is reportedly worth about 32.8 billion yen.
"We are delighted that the offer has been successful," Sir Terry Leahy, Tesco's c.e.o., said in a statement. "We look forward to working alongside a young and dynamic Japanese management team to further develop this innovative and profitable business."
C Two operates 78 stores, the majority of which are in the Tokyo area, and its retail food business accounts for 87 percent of its sales.
Leahy said C Two has "good stores in good locations," and that it represents Tesco's next step in its international strategy for long-term growth. In Asia, Tesco also operates stores in South Korea and Thailand.