TURKEY: Tesco in talks over Turkish arm
Tesco Kipa, the Turkish unit of UK retailer Tesco, has today (24 February) confirmed its parent is in talks over possible options for the future of the business.
"Tesco Plc is in the early stages of negotiations with different companies over different options," Tesco Kipa, which is listed in Turkey, said in a statement to the Borsa Istanbul.
The announcement followed speculation late last week that Tesco was weighing up the options for its Turkish business.
Sales have been falling and some in the City said Tesco, after exiting Japan and the US, as well as selling control of its Chinese business, could look at a transaction for its Turkish arm.
The Financial Times said on Friday (21 February) Tesco had held talks with private-equity firm BC Partners, majority owner of Turkish chain Migros Ticaret, about combining their assets.
"We don't comment on rumour or speculation," a Tesco spokesperson told just-style late on Friday.
In another statement to the Borsa Istanbul this morning, Migros Ticaret, responding to the speculation on Friday, said: "As a private-equity company, BC Partners periodically assesses alternatives for all its existing investments, including Migros, as part of the normal flow of its activities."
One of the biggest challenges - and opportunities - facing the apparel industry in 2015 is how best to embrace the omni-channel retail model, improve the shopping experience, and respond with new supp...
This report provides information, analysis and valuable insight on developments relating to the global apparel industry in the following categories: acquisitions, divestments and mergers; corporate so...
With the vibrant pace at which technology is developing, technology companies, retailers, brand manufacturers, service providers and startups are being forced to adapt and explore new avenues in order...
Global technology and innovation executive Mike McNamara has left Tesco to join retail giant Target Corp as chief information officer....
- How M&S plans to revamp its clothing business
- The difference between compliance and safety?
- Footwear to see "significant" gains from TPP
- Yarn-forward rules weigh on Vietnam TPP potential
- UK retailers key to domestic manufacturing growth
- Gap accused of rights violations in supply chain
- US Q1 in brief – Guess, Burlington Stores, Sears
- M&S to see "departure" of sourcing chiefs?
- Adidas Speedfactory eyes large-scale production
- H&M, Inditex and Nike rated supply chain leaders