Tesco has announced that it is to exit the Japanese marketplace.
The UK supermarket group is to leave Japan in a two-stage process that will first see it sell 50% of its Tesco Japan subsidiary to the country's second-largest retail group, Aeon.
Tesco will then invest £40m in the joint venture before its eventual exit from the business. So far, no deadline for when this will happen has been made public.
The UK firm entered Japan in 2003.
Philip Clarke, Tesco's chief executive, said: "I thank our colleagues in Japan, who have done an excellent job for the business - in particular over recent months.
"We are very pleased to announce this deal with Aeon today, and are confident that this will deliver the best outcome for our staff, for our customers in Japan and for our shareholders."
Tesco first said last year that it wished to sell its Japanese business.
Source: www.bbc.co.uk
Tesco to sell 50 percent of Japan operations to Aeon - Reuters India
TOKYO |
TOKYO (Reuters) - British supermarket giant Tesco Plc (TSCO.L) said on Monday it will sell half of its Japanese business to the country's No.2 general retailer Aeon Corp (8267.T) for a nominal sum, ending an eight-year attempt to crack Japan's tough retail market.
Many foreign retailers have struggled in Japan, hampered by fickle consumer tastes, a super-competitive landscape and prolonged, profit-sapping deflation. French retailer Carrefour SA (CARR.PA) and British drugstore chain Boots ABAQUO.UL are among the companies to have pulled out over the past decade.
Tesco, the world's third-largest retailer, hired Goldman Sachs (GS.N) last year to advise it on the sale of its Japan stores, sources said last year, after paying 32.8 billion yen for the Japanese franchise in 2003.
The British supermarket group operates 117 outlets in Japan, which are described by industry watchers as typically larger than the average convenience store but smaller than a regular supermarket, located away from heavily trafficked areas and spread out thinly over six different prefectures.
The deal will help Aeon, which trails Japan general retailer Seven & I Holdings (3382.T) in terms of market value, expand its reach in its home market as it tries to drive growth.
Prior to the Tesco deal, Aeon had spent more than $775 million over the last five years, according to Thomson Reuters data, including taking stakes in Japanese supermarket chains like Maruetsu and Marunaka.
Aeon shares settled 0.6 percent higher before the announcement, underperforming a 1.8 percent rise in the benchmark Nikkei 225 .N225. ($1 = 78.7300 Japanese yen)
(Reporting by James Topham and Ritsuko Shimizu; Editing by Richard Pullin)
Source: in.reuters.com
Colin Hendry wants to see Scotland battle England made a permanent fixture - Daily Record
Jun 18 2012 Exclusive by Craig Swan
BRAVEHEART Colin Hendry last night pleaded with the SFA to try to ensure that Scotland’s return to Wembley is not a one-off.
The former international skipper was the last man to lead the nation out at the home of English football when Craig Brown’s team contested a Euro Championship play-off in 1999.
Hendry had the distinction of spearheading a winning team as Don Hutchison’s header settled the encounter and, despite a 2-1 aggregate loss, it was a never-to-be-forgotten night for the members of the Tartan Army who marched under the Twin Towers 13 years ago.
The SFA have now struck a deal with their English counterparts as part of the FA’s 150th anniversary celebrations and next year’s game, which will take place on Wednesday, August 14, will be Scotland’s first at the redeveloped stadium.
Hendry is delighted to see the fixture back on the calendar but will not be happy until it takes up a permanent residence on the fixture list again.
The ex-captain is desperate for a return of the Home International contests and believes the time is now right for Scotland and England to again meet regularly.
Hendry said: “Scotland v England is a great game and I am delighted it is back for the players and the fans.
“It’s going to be new for both sets of players this time around because there won’t be any survivors from 1999 still playing at that level.
“Most of the boys will be UK-based and the fact you are representing your country against the biggest rivals means it will need no hyping up.
“It is a great idea and I just hope it’s not a one-off. There is no reason why it should be as I feel the best spin-off which could come from next year’s match is that we get the Home International matches back.
“In the years you don’t have the Euros or the World Cup we should definitely have the Home Internationals again.
“If, for example, we had them in a couple of years and Scotland have England at Hampden, are away to Wales and then home to Northern Ireland, that would be great.
“You would have three games and could do it in a week.
“Play Saturday-Wednesday-Saturday and stagger the games between 5pm and 7pm. It’s done and dusted in seven days and it is a tournament which generates excitement and finance.
“At the end of the season there is nothing to look forward to in the non-tournament years and this would fill the gap perfectly for us all.
“Let’s be honest, friendly games will be arranged for that time anyway and this makes sense.
“This summer Scotland went to the USA to face them in Florida. What the heck was that all about?
“Could someone explain that one to me and tell me how a trip like that is better than a Home International.
“Wales were away to play Mexico at the same time. What’s happening there?
“Surely the Welsh FA and Scottish FA would be better playing each other.
“I’ve no idea who thought those games up. If it is down to a financial carrot for an appearance fee you can’t tell me three games against the home nations wouldn’t generate just as much money.
“It’s Scotland versus England next year and the year after its the World Cup in Brazil so why don’t we start looking towards 2015 for the return of the Home Internationals?
“I’d love to see it back every two years. It would be wonderful.”
Hendry insists the failure of last season’s Carling Nations Cup in Dublin should not be used as a reason to consign the idea of the return of the Home Internationals to the dustbin.
Scotland, Wales and both Irish sides were invited to compete in a round-robin event but attendances were awful and the tournament has subsequently been scrapped.
But Hendry said: “Don’t use Dublin last year as a reason as to why the Home Internationals wouldn’t work.
“I never understood that idea in the first place with four countries all playing in the same area.
“It was obvious Irish supporters were not going to fork out for tickets for a game between Scotland and Wales when they had paid to see their own team the previous night.
“That made no sense and the travelling between matches would not pose a problem for fans these days if the Home Internationals were back.”
The excellent behaviour of supporters in recent times is also a good reason for having the games back as Hendry insists there’d be no security issues.
The 46-year-old added: “That, of course, was one of the reasons why it was stopped but the whole of British football has come a long way in terms of crowd behaviour.
“As long as no one is stupid in terms of planning like UEFA were with Poland and Russia the other day I’m sure everything will be fine.
“Imagine those two playing on one of their National Days? Talk about idiotic.
“Thankfully, that won’t happen here and fans are very well behaved these days anyway.”
Scotland’s supporters packed Wembley on the night 13 years ago when their heroes stunned the English with their 1-0 triumph.
Hutchison’s header was not enough to stop England qualifying for Euro 2000 but it was still a joyous evening for the Tartan Army who revelled in the win.
Hendry savoured the occasion as he emulated greats such as Kenny Dalglish and Gordon McQueen and said: “That night was brilliant for everyone.
“Imagine being involved in club football in a game against your biggest rivals and then take it on to the international stage.
“Trust me, it’s an incredible feeling to win. Hopefully, there will be a few more Scottish lads who will get to enjoy the same feelings as we did back in 1999.”
Source: www.dailyrecord.co.uk
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