Tesco, the biggest supermarket chain in the UK and China’s state-run China Resources Enterprise (CRE) are about to create the largest food retailer in China.
The new company will combine the 131 Tesco outlets in the country with 3,000 CRE stores, called Vanguard.
CRE will own 80% of the new chain and Tesco will have a 20% stake. According to figures from research group IGD, China is the world's biggest market for food and groceries with an annual value of more than one trillion dollars. This market is expected to grow by 50% over the next three years.
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