Tesco to exit Taiwan

British supermarket giant Tesco is to exit Taiwan in a swap deal with France`s supermarket chain Carrerfour that will see both exit countries in which they have low market shares to boost positions of strength elsewhere.

Eastern Europe has long been an area difficult for fast-growing Tesco to grow in, with the supermarket group struggling to make headway in a market dominated by other supermarket rivals including Carrefour.

Under the deal between the two European supermarkets, Tesco will hand over six stores and two sites in Taiwan and pay ?57.4 million for the exchange for Carrerfour`s 11 stores in the Czech Republic and four outlets in Slovakia.

                                 

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