Tesco Japanese subsidary acquires supermarket business

Supermarket giant Tesco's Japanese subsidiary, C Two Network Co (C2), is to acquire the privately-owned Tokyo neighbourhood supermarket business of Fre'c.

The transaction is being co-ordinated by the Industrial Revitalisation Corporation of Japan (IRCJ) - which purchases non-performing loans of viable but indebted companies - and is conditional upon successful restructuring of Fre'c's debt with the IRCJ's support.