The EU has approved the sale of Associated British Foods’ retail and related business in the Republic of Ireland and Northern Ireland to Tesco, it emerged today.
The £630m takeover was approved by the European Commission’s merger task force, the supermarket giant said.
Tesco is buying 109 stores – 75 in the Republic and 34 in Northern Ireland – with sales of £1.24bn. In the year to September, the businesses made £58m operatingprofits, with net assets of about £170m.
PA News 07/05/97
