UK supermarket chain Tesco is reported to be considering a £10bn (US$15.7bn) offer for the assets of beleaguered Dutch retail giant Ahold.
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According to a report in the Independent on Sunday, a committee of five Tesco executives is working on an assessment of Ahold, which last week revealed accountancy irregularities at its US and Argentinean operations. The committee is to report this week to Tesco’s chief executive Sir Terry Leahy, who will then decide whether to approach Ahold’s board with an offer.
The accounting irregularities at Ahold led to the resignation of the company’s CEO and CFO, and resulted in a collapse in the company’s share price.
“Tesco has to know it cannot expand in the UK so its only chance of a transforming move is abroad. This is too good a chance to miss,” the paper quoted a City analyst as saying.
Tesco said it was “surprised” by the newspaper report.
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