Tesco gets green light to complete sale of Asia business

The Tesco board was grilled at its AGM

Tesco is poised to complete the £8bn sale of its Thai and Malaysian business after buyer CP Retail Development Company rubber-stamped the deal.

Thai authorities approved the acquisition last month and CP Group has confirmed it is “satisfied with the formal notice of approval”.

Tesco said it expects the disposal to be formally completed by December 18. 

The deal will trigger a £5bn return to Tesco’s shareholders via a special dividend, while £2.5bn will be ploughed into the grocer’s pension fund.

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