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United Kingdom : Tesco clinches Japan exit deal
Publish Date : 19-Jun-2012
Britain\'s biggest retailer Tesco announced on Monday that it had finally struck a deal to exit its Japanese business.
Tesco said in a statement that it would exit Japan in two stages first by selling 50 per cent of its shares in Tesco Japan to Aeon the Asian country\'s biggest retail group for a nominal amount.
Once in the joint venture with Aeon, Tesco said it would then invest about 40 million pounds (US$63 million) into the Japanese business to finance further restructuring.
Thereafter, Tesco said that it would have no further financial exposure to the Japanese business. Completion of the transaction was meanwhile subject to normal regulatory approval.
