Sale Of South Korea Unit Is Last Of Tesco's Overseas Divestment Move, Chairman Says

After disposing of its South Korean business unit Homeplus for $6.1 billion, UK retailer Tesco has no plan of selling any other major overseas business. Speaking during the company’s shareholder meeting, Tesco chairman John Allan said his company will hold on to its businesses in Thailand, Malaysia, central Europe, and Ireland. Aimed at helping reduce the retailer’s debt and getting rid of its junk credit rating, the Homeplus sale follows Tesco’s divestment moves in Japan, China, and the United States.