UK supermarket group Tesco has said it has raised around £773m (US$1.42bn) through a share placing, in order to fund expansion.

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Tesco said it sold 315 million shares at 248 pence each, and that the share placing was oversubscribed, reported Reuters.


CEO Terry Leahy said some of the money from the placing would pay for stores being sold by rival Wm Morrison as part of its takeover of Safeway.


“A major acquisition isn’t part of our plans,” Leahy told Reuters. “The share placing is to ensure we’ve got the firepower to take full advantage of the success of our growth strategy.” 

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