Retail chain Tesco in merger talks with CRE for China venture

BEIJING – UK retail giant Tesco is in talks with China Resources Enterprise (CRE) about merging both company’s markets and hypermarkets. The move is aimed at reshaping its international business structure and form a “leading multi-format retailer in China”. The venture would combine Tesco’s 131 stores in China with CRE’s almost 3,000 stores, called Vanguard, to create what they say would be …

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