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Tesco Team Eyes Albertson's


London, Reuters reported that Tesco, Britain's most prominent retailer, sent representatives stateside to consider a bid for Albertson's, one of America's top grocery chains.

Despite having 2,500 stores and annual revenues of more than $40 billion, Albertson's has been facing intense competition from retail powerhouse Wal-Mart. As a result, the grocery chain recently hired investment bankers in order to explore its options on the market.

With a reported price tag of $7.6 billion, Albertson's seems to have caught Tesco's eye, at least momentarily. As the British retail giant reports half-year results this week, it continues to look for a way to tap the lucrative U.S. market. Tesco has already begun expanding into eastern Europe and east Asia.

In addition to Britain's largest—and rapidly expanding—food retailer, France's Carrefour and Belgium's Delhaize have expressed interest in Albertson's. The world's largest retailer, Wal-Mart, is also courting the grocer.

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