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Tesco plans big move into Asia
TESCO is poised to make a $1bn swoop on Carrefour’s supermarket networks in Malaysia, Singapore and Thailand after the French group’s decision to withdraw from South-East Asia. Carrefour’s planned exit — reportedly to pursue areas where it has market leadership — has drawn a flock of potential buyers as the process enters the second round of bidding. Although local bidders are expected to emerge in all three countries, Tesco has emerged as probably the strongest likely bidder. Tesco is thought to be planning offers for all three of the store portfolios.