SUPERMARKET giant Tesco is negotiating to take a #12m stake in
Hungarian food shops group Global.
The UK firm will subscribe for shares in the flotation of Global,
which operates 43 stores in North-west Hungary, and take a stake of
around 45% if negotiations succeed.
Tesco has been looking to expand into eastern Europe for some time and
has chosen Hungary as it has moved furthest towards a market economy.
It has already been providing technical and operational advice to
Global for the past two years and a Tesco executive has been working in
Hungary for some months.
Flotation of the Hungarian firm, which had sales of #25m last year and
made pre-tax profits of #1m, is expected in mid-April.
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