Tesco has announced that it has obtained a 94.54% shareholding in Japanese retailer C Two-Network, exceeding its 66.7% acceptance condition.
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At the close of the tender offer yesterday [Thursday], Tesco had received tenders for 9,132,300 shares. Settlement of shares tendered is scheduled to begin on 17 July, reported Dow Jones International News.
As Tesco’s stake in C Two-Network will exceed 80%, it is expected that the convenience store operator will be delisted from the Tokyo Stock Exchange.
