Tesco is mulling a partnership with a local player in Turkey to lessen its exposure in the market as it concentrates on turning around its UK business.
Tesco is understood to have contacted BC Partners, which operates the Migros chain, to discuss combining their operations in Turkey in a similar deal to the one it thrashed out in China, the Financial Times reported.
Tesco reduced its exposure to the Chinese market through its partnership with China Resources Enterprise. It also offloaded its US business last year where it operated the Fresh & Easy.
The grocer has performed poorly in Turkey over the past year and it is thought that some investors would prefer it to focus on its UK turnaround. However, the deal could be hindered by Turkey’s current economic troubles.
Tesco is set to make a crucial presentation to investors on its UK business next Tuesday.
No comments yet