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Tesco Hires HSBC As Adviser For Possible Sale Of South Korea Business

June 4, 2015: 12:00 AM EST
UK retailer Tesco appointed HSBC as lead adviser to study the possibility of selling its business operations in South Korea. By selling its South Korean operations, valued at around $6 billion, Tesco can cut its debt and fund its turnaround efforts in the UK. With its credit rated as junk by Moody's and S&P in January 2015, Tesco is struggling to improve its operations and regain market share it had lost to discount retailers Aldi and Lidl in the UK.
Denny Thomas and Prakash Chakravarti, "Tesco hires HSBC to explore sale of $6 billion South Korea arm - sources", Reuters, June 04, 2015, © Thomson Reuters
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