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Last Updated: Tuesday, 10 June, 2003, 06:50 GMT 07:50 UK
Tesco buys Japanese retailer
The UK supermarket chain Tesco is buying the Japanese retailer C Two-Network in order to gain a foothold in the country.

Tesco is paying 139m ($229m) for what it calls: "A small and thoughtful entry into an exciting, but complex and challenging market."

The Japanese firm is a food retailer with 78 stores, mainly in Tokyo, as well as some wholesaling.

Tesco has been looking for acquisitions in Japan for the past three years.

Sir Terry Leahy, the chief executive, described it as the next step in the company's international strategy.

He said the chain was profitable with good stores in good locations.

"C Two-Network is a great success in Japan and will provide Tesco with an excellent opportunity to enter a large and unconsolidated market with potential for growth."

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