Tesco chief executive Sir Terry Leahy has ruled out making significant acquisitions in the United States but plans to expand into China, where he wants the company to be a major force.
Sir Terry, who claims the US isn’t right for Tesco, says he plans to scale up in China.
Tesco last year invested £140m in China by taking a 50 per cent stake in the Hymall chain. Tesco and Hymall already have 50 Chinese hypermarkets, with its biggest presence in Shanghai. The plan is to extend into the south of the country and in Beijing.
Tesco generates around a fifth of its sales from its overseas operations.
References: The Observer Business 08/01/06 page 1
