Tesco completes the establishment of Joint Venture with CRE

Following its previous announcement and subsequent confirmation of the satisfaction of all conditions, Tesco has completed the formation of a Joint Venture with China Resources Enterprise, Limited (“CRE”) to create the leading multi-format retailer in China (the “Joint Venture” or “JV”).

Philip Clarke, CEO of Tesco:
“We’re very pleased to have completed this historic agreement. The partnership creates a strong platform in one of the world’s largest markets. We can now combine our strengths to build a profitable multichannel business, offering our customers in China the best of modern retail.”

Hong Jie, CEO of CRE:
“We are very excited about the completion of this agreement; it also marks a major milestone for our business development. We believe that this partnership is one that combines the strength of both parties and enables the JV to become the leading multi-format retailer in Greater China, through improved operations, better growth and enhanced profitability.”

Please visit www.tescoplc.com for more information.

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