Carrefour Steps Up Own-Brand Efforts Through Strategic Partnership With Tesco; Net Positive for Both
On the morning of July 2, 2018, Carrefour and Tesco announced their intention to enter into a strategic purchasing alliance on own-brand products and goods not for resale, governed by a three-year operational framework (renewed after three years). We maintain our no-moat ratings and our respective GBX 230 and EUR 17.9 fair value estimates for Tesco and Carrefour, with the latter trading at a 28% discount at the time of writing. We view this imminent partnership as a net positive for both constit...Tesco is a retailer. Co. and its subsidiaries are engaged in retailing and associated activities in the U.K. and Republic of Ireland; and Czech Republic, Hungary, Poland, Slovakia, Malaysia, and Thailand. Co. provides retail banking and insurance services through Tesco Bank in the U.K. Co. sells and services of motor and home insurance policies underwritten by Tesco Underwriting Limited, or in a minority of cases by a third-party underwriter. As of Feb 25 2017, Co. had a total of 6,809 stores worldwide, including 256 franchised stores.
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