Tesco leaves Japan

After nine years of trying, the world's third largest retailer, the Tesco gave up the attempt to conquer the Japanese market. The Japanese part of the chain will be purchased by the japanese Aeon company.

The Aeon, which is currently the second on the Japanese retail market,  spent over 775 million USD in the past five years on expansion activities, and acquired stake in several rival supermarket chains.

The exit will be in two stages process. In the first phase Tesco will sell 50 percent of its shares to Japan's largest retailer, Aeon, for a nominal sum. (Reuters – Világgazdaság Online)