Tesco CEO Sir Terry Leahy has ruled out making a significant acquisition in the US, but says the company plans to expand into China, according to The Observer.
In an interview with the paper, Leahy said: "People have talked about businesses in the US that could be bought, but I don’t think they are right for us. We have had researchers in America, but I can tell you that we have no current plans to make an acquisition there. We will have to scale up in China, it’s such a big place that you either have to ease out or commit quite a bit."
Last year, Tesco announced a £140 million ($247.7 million) investment in the region by buying 50 per cent of China’s Hymall chain, giving the company 25 chinese hypermarkets -mainly in Shanghai. Leahy also revealed the firm’s interest in moving into the growing market in India in the future.