Britain’s biggest retailer, Tesco Plc., said on Wednesday that it has signed an agreement with mainland conglomerate China Resources Enterprise Ltd. (00291.HK) to set up a retailing joint venture in China, Xinhua reported Wednesday. Tesco will pay China Resources 345 million pounds (US$559.8 million) for a 20 percent stake in the venture, with the rest held by China Resources. Once the proposed deal has regulatory approval, the pair will integrate Tesco’s 134 retail outlets and shopping centers in China and China Resources’ 2,986 CR Vanguard shops. The JV is expected to bring in annual sales of 10 billion pounds, the report said.
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