Tesco is eyeing a joint venture in China as it seeks to contain capital expenditure in its sprawling international operations.
Britain’s biggest retailer, which has been in China since 2004, is seeking a partnership to help it to continue expanding in the Chinese grocery market but in a way that uses less capital, according to three people familiar with the situation.
Analysts said the list of the most suitable partners would include China Resources Enterprise, the state-controlled group that owns the Vanguard and Ole supermarket chains. The Chinese conglomerate also has a brewing joint venture with SAB Miller.
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