Tesco confirms it has ended talks with various parties with respect to potential options for its business in Turkey, says it will accelerate plans to focus business on country's heartlands, minimize capital spending, improve profitability

Cindy Allen

CHESHUNT, England , May 27, 2014 (press release) – Tesco has confirmed today that it has ended talks with various parties in respect of potential options for its business in Turkey. The talks were disclosed in notifications to the Istanbul Stock Exchange on 24th February 2014 and 2 April 2014.

We are committed to driving value from all our businesses and, for Kipa, we believe that this is best achieved by accelerating our plans to focus the business on its heartlands, minimise capital spend and improve profitability.

The efforts of the team in Turkey are already evident in a stronger customer offer and improved performance and there is more we can do to drive stronger cash generation and returns.

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