Samsung Tesco mulls takeover of local retailer

SEOUL, June 11 (Yonhap) -- Samsung Tesco Homeplus Co., British retailer Tesco
PLC's South Korean venture, is seeking to take over a local retailer, industry
sources said Friday.
Samsung Tesco is interested in buying Kim's Club Mart, and both sides are in
negotiations, according to the company.
Tesco owns 94 percent of Samsung Tesco, which operates Homeplus.
Earlier, a local newspaper reported that Samsung Tesco agreed to buy 98 percent
of Kim's Club Mart for about 300 billion won (US$240 million).
The company is targeting sales of 10.8 trillion won this year, up 10.2 percent
from a year ago. Samsung Tesco, the nation's No.2 discount retailer, acquired 35
Homever outlets from local retailer E. Land Group in 2008.
Kims Club Mart's sales reached 246 billion won last year.
sam@yna.co.kr
(END)