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Tesco Kipa Holds On To Stores; Ends Talks With Turkish Rival Begendik

January 2, 2016: 12:00 AM EST
UK-based retailer Tesco’s subsidiary in Turkey, Tesco Kipa, decided not to sell 10 stores to rival Begendik. Citing improved performance by the stores in the past six months, Tesco Kipa CEO Bill O’Neill said the proposed purchase deal was not right for the company. Begendik, which like other local retailers have benefited from international chains’ exit from Turkey, operates 46 supermarkets and 13 hypermarkets across the country.
Asli Kandemir, "Tesco Kipa ends talks with Turkey's Begendik on store sales", Reuters, January 02, 2016, © Thomson Reuters
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