Britain's biggest retailer Tesco strikes Japan exit dealJune 18, 2012 - 14:48 AMT PanARMENIAN.Net - Britain's biggest retailer Tesco announced on Monday, June 18 that it had finally struck a deal to exit its Japanese business. According to AFP, Tesco said in a statement that it would exit Japan in two stages - first by selling 50 percent 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 (49 million euros, $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. Tesco had officially announced 10 months ago that it was pulling out of Japan and putting its more than 100 small supermarkets there on sale to focus on other operations in Asia. "I thank our colleagues in Japan, who have done an excellent job for the business - in particular over recent months," Tesco chief executive Philip Clarke said in Monday's statement. "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," he added. Tesco entered Japan in 2003, while the business currently comprises 117 small stores - primarily under the Tsurakame, Tesco and Tesco Express fascias in the Greater Tokyo area. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Lemkin Institute petition seeks release of Armenians in Azerbaijan The Lemkin Institute is deeply concerned about the continued illegal detention of political prisoners from Karabakh in Azerbaijan. Armenian Catholicos calls for national unity against threats Karekin II issued a message on Republic Day marking the anniversary of the First Armenian Republic. Pashinyan: Armenia’s desired goal is “on the horizon” Prime Minister Nikol Pashinyan has said that Armenia is moving forward “without interruption”. Opposition leader, supporters spend night at Sardarapat memorial Police made nearly 300 arrests the day before as Galstanyan and his supporters continued to demonstrate in Yerevan. |