Tesco may be considering a move into the US market by bidding for the Albertson’s chain of stores, Scottish paper The Business, reported this weekend.
Other online reports have also suggested that France’s Carrefour and Belgium’s are considering bidding. Albertson's market capitalisation on September 16 was $9.6 billion. The report also suggested Wal-Mart is considering Albertson's.
A Tesco team is reportedly already in the US gathering information for a due diligence presentation. Meanwhile Tesco will be announcing interim results tomorrow and is expected to outline plans to create about 7,500 jobs across the UK as it expands its non-food offering. It will open its first non-food store - Tesco Homeplus - in Manchester next month.
The market leader already accounts for more than 30 per cent of the UK grocery market and a Sunday Times report yesterday pointed to its huge land bank as a sign of further massive development in either food or non-food.
Analysts forecast Tesco will report a 14 per cent increase in profits to almost £1bn.
No comments yet