SOUTH AMERICA: Ahold: the last days of Disco (COMMENT)
Scandal-ridden Ahold can't afford any more nasty surprises, so it's focusing on mature markets. For a healthier firm, however, Ahold's South American businesses are a strong opportunity. Emerging markets specialist Tesco understandably decided in March not to buy out the struggling Dutch company - but its Brazilian unit could be another story.
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