PRESS: Tesco explores sale of European business - Financial Times
Tesco PLC is exploring a sale of its central and eastern European operations, the Financial Times reported on Wednesday.
The Welwyn Garden City, England-based grocer is working with bankers on options for its operations in Hungary, the Czech Republic and Slovakia, the FT reported, according to people close to the situation.
The European business employs over 22,000 people.
The sale would end Tesco's ambitions outside the UK and Ireland, which have previously included an attempt to start a new supermarket chain in the US.
The central and eastern European business launched in Hungary in 1995. It is now Tesco's only sizeable operation outside the UK and Ireland, after it sold off most of its international businesses.
Tesco said to the FT: "We never comment on rumour or speculation."
Tesco has 561 stores across Hungary, the Czech Republic and Slovakia. The European division reported £4.5 billion of revenue last year, and generated £115 million of Tesco's £3.2 billion in adjusted operating profit.
In its annual report, Tesco said profit in the operations had fallen due to increased competition in Slovakia and rising regulatory pressure.
Tesco considered selling the division over a decade ago amid a range of asset sales to stabilise the company's finances.
Shares in Tesco were up 0.1% at 470.30 pence on Wednesday morning in London. The stock has climbed 18% in the last 12 months.
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