Tesco to leave Japanese market
11:52 • 18.06.12
The UK supermarket group is to leave Japan in a two-stage process that will first see it sell 50% of its Tesco Japan subsidiary to the country's second-largest retail group, Aeon, BBC News reported.
Tesco will then invest £40m in the joint venture before its eventual exit from the business. So far, no deadline for when this will happen has been made public.
The UK firm entered Japan in 2003.
Philip Clarke, Tesco's chief executive, said: "I thank our colleagues in Japan, who have done an excellent job for the business - in particular over recent months.
"We are very pleased to announce this deal with Aeon today, and are confident that this will deliver the best outcome for our staff, for our customers in Japan and for our shareholders."
Tesco first said last year that it wished to sell its Japanese business.
LATEST NEWS • All Today news
22:42 • 19/06
International Association of Genocide Scholars opens 10th Biennial Conference in Siena, Italy
22:15 • 19/06
Opposition Armenian MP speaks of premier’s ‘revelation’
21:24 • 19/06
Armenia’s prosecutor general receives Iranian ambassador
19:51 • 19/06
Prosperous Armenia rep speaks of Control Chamber’s report, kickbacks, party’s plans
19:48 • 19/06
Nagorno-Karabakh president visits south-east regions
19:31 • 19/06
Armenian premier receives FNU members
18:46 • 19/06
Armenian environmentalist concerned over fish species
17:37 • 19/06
No transaction with Armenian government’s 20% share to Gazprom effected
17:20 • 19/06
Facebook has 1 m advertisers who’ll have to wait for video ads
17:10 • 19/06
Armenian composer Aram Khachatryan’s music in UNESCO special register
16:50 • 19/06
European Investment Bank may grant €5m loan for renovation of Yerevan Underground
16:43 • 19/06
Henrikh Mkhitaryan leaving for London
16:30 • 19/06
Rare Superman comic book auctioned for $175,000
16:25 • 19/06
Armenian FM to attend BSEC meeting in Ukraine
16:11 • 19/06
World’s biggest TV goes on sale in Europe
16:01 • 19/06
Yerkrapah union law signal to Azerbaijan – Armenian MP
15:50 • 19/06
Farmers must not lose hope – businessman
15:20 • 19/06
Chief of Armenia’s police withholds comments on Goris incident
15:12 • 19/06
Armenia’s Doctor of Year to be named on Jun. 21
14:53 • 19/06
9-year-old Armenian child needs help for treatment abroad
14:39 • 19/06
Over 100 reported killed in North India flood
14:31 • 19/06
Belgium may legalize child Euthanasia
14:20 • 19/06
Economy Ministry denies report on holding costly working dinner
13:53 • 19/06
Nagorno-Karabakh MP hails co-chairing states’ interest in conflict settlement
13:36 • 19/06
Karabakh conflict poses regional threat – Azeri MP
13:02 • 19/06
Armenian MP links offshore scandal to country’s narrow borders
12:48 • 19/06
Armenian midfielder Mkhitaryan owns 50% of his transfer rights
12:32 • 19/06
OSCE chair meets Georgian officials
12:07 • 19/06
Javakhk-Armenian businessman makes calls for unity
10:30 • 19/06
Azeri state oil venture sets eye on Greek DESFA
10:23 • 19/06
Fire in Martiros Saryan house museum
10:12 • 19/06
I ‘Can't Believe It’, Kim Kardashian says on newborn baby
10:06 • 19/06
World refugees' number tops 7 million
09:45 • 19/06
Turkish PM vows to increase police force
09:28 • 19/06
'Hoff' yeti crab hitched on ocean super-highway
09:19 • 19/06
Zhoghovurd: Armenia’s economy ministry spends AMD 0.5m on working dinner with EU officials
09:10 • 19/06
Hraparak: Armenian president spending summer in Germany
08:45 • 19/06
Foreign Policy: 'Lonely' Putin dominates G8 Summit
08:37 • 19/06
Most popular articles
16:43 • 19/06
Henrikh Mkhitaryan leaving for London
12:48 • 19/06
Armenian midfielder Mkhitaryan owns 50% of his transfer rights
10:23 • 19/06
Fire in Martiros Saryan house museum
12:07 • 19/06
Javakhk-Armenian businessman makes calls for unity
08:45 • 19/06
Foreign Policy: 'Lonely' Putin dominates G8 Summit
10:30 • 19/06
Azeri state oil venture sets eye on Greek DESFA
10:12 • 19/06
I ‘Can't Believe It’, Kim Kardashian says on newborn baby
13:36 • 19/06
Karabakh conflict poses regional threat – Azeri MP
14:39 • 19/06
Over 100 reported killed in North India flood
09:45 • 19/06
- Opposition Armenian MP speaks of premier’s ‘revelation’
- Prosperous Armenia rep speaks of Control Chamber’s report, kickbacks, party’s plans
- Armenian premier receives FNU members
- Armenian environmentalist concerned over fish species
- No transaction with Armenian government’s 20% share to Gazprom effected
- International Association of Genocide Scholars opens 10th Biennial Conference in Siena, Italy
- Yerkrapah union law signal to Azerbaijan – Armenian MP
- Armenia’s Doctor of Year to be named on Jun. 21
- Economy Ministry denies report on holding costly working dinner
- Nagorno-Karabakh MP hails co-chairing states’ interest in conflict settlement