Tesco is refusing to confirm speculation it is about to take a 49 per cent stake in US retailer Meijer.
However, the UK’s number one retailer said it has never ruled out a North American deal.
Media reports suggest Tesco is set to pay £2.5 billion for the stake in the Michigan-based grocery operator with the deal expected to be announced in the next two weeks.
Privately held Meijer operates about 170 grocery and department stores in Illinois, Indiana, Kentucky, Michigan and Ohio which are open 24 hours a day, 364 days a year.
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