Tesco Snaps Up Homever To Close On Shinsegae

The South Korean subsidiary of UK grocery retail behemoth Tesco, Samsung Tesco, is to acquire the 36-outlet-strong Homever discount chain from rival retailer E-Land Group in a deal worth GBP958mn (US$1.87bn). While expensive on a per store basis, BMI believes this to be a good acquisition for Tesco, which has been investing huge sums in organic expansion as it looks to consolidate its powerful position in a market that we expect to grow by 28% in sales terms to 2012 in spite of its advanced

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