Tesco doubles Chinese stake

12 December 2006 — Beijing (CHN): Tesco has almost doubled its stake in a Chinese joint venture with Ting Hsin to 90 percent from its initial 50 percent stake, at a cost of roughly £180 million ($337.3 million).

The retailer said that it expects the deal to accelerate its growth in China and will allow it to continue benefiting from increased the local knowledge that Ting Hsin brings to the partnership.

 

Terry Leahy, Tesco’s chief executive, said: "We have seen exciting growth in China since announcing the joint venture two years ago and are looking forward to the partnership entering a new phase."