BREAKING NEWS
This content is not available in your region

Carrefour, Tesco alliance to become operational in October

Access to the comments Comments
Carrefour, Tesco alliance to become operational in October
The head office of Tesco is seen in Cheshunt, Britain, January 8, 2015. REUTERS/Toby Melville/File Photo   -   Copyright  Toby Melville(Reuters)
Text size Aa Aa

PARIS (Reuters) – Supermarket retailers Carrefour <CARR.PA> and Tesco <TSCO.L> said on Monday that they expected their previously-announced purchasing alliance to become operational in October.

The companies first announced the tie-up in July, with French company Carrefour joining up with UK peer Tesco to form a global purchasing alliance to demand better terms from major suppliers, in the latest attempt by the industry to drive down costs.

With combined annual sales of $170 billion (£130.8 billion), the partnership is designed to secure a better deal from the likes of Nestle <NESN.S>, Procter & Gamble <PG.N>, Unilever <ULVR.L>, Danone <DANO.PA> and others to help the French and British groups to compete hard on price.

(Reporting by Sudip Kar-Gupta; editing by Emelia Sithole-Matarise)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.