LONDON, Jan 27, (APP/AFP) – Britain’s biggest retailer
Tesco agreed Friday to buy wholesaler Booker for #3.7 billion
in a surprise play to become the nation’s top food business, slash
costs and take on German-owned discounters.
The purchase, worth $4.7 billion or 4.4 billion euros, sent
Tesco shares soaring and was hailed by analysts as a “crucial” moment
for the supermarket giant and the broader retail sector.
Tesco, which has been troubled in recent years by an accounting scandal and fierce domestic competition from German discounters Aldi
and Lidl, added Friday that it was seeking to “enhance” its growth
prospects.
“Tesco has made significant progress in turning around our
UK retail business,” said Chief Executive Dave Lewis.