CZECH REPUBLIC: Finance Minister interested in buying Tesco local business | Progresiv

Czech Finance Minister Andrej Babis, together with investment group Mid Europa Partners (MEP), wants to acquire part of the British retail chain Tesco, as reported by two independent sources from the financial community to Euro E15. Babis is cooperating with MEP through an investment fund, Hartenberg Holding. The value of the Czech part of Tesco could reach 55 billion crowns (about 2 billion euros).

This year, Tesco announced a record full-year loss amounting to 5.7 billion pounds. The chain also has a gigantic debt of 21.7 billion pounds (30.15 billion euros). Czech sales also achieved poor results. Last year, the company generated a loss of almost 4 billion crowns (145.8 million euros). (www.freshplaza.com)