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. Last Updated: 07/27/2016

Tesco Falls on Rumor




LONDON -- Shares in supermarket operator Tesco PLC tumbled up to 6 percent Monday following a news report that the firm was planning a pounds 3 billion bid for Real, Germany's biggest hypermarket.


The Financial Mail said Sunday Tesco was in advanced talks about a deal to buy the 260-store Real chain, owned by retail giant Metro AG, as part of a plan to boost its overseas presence.


Analysts expressed doubt over the report and said such a move would run counter to Tesco's stated priorities.


Both Tesco and Metro declined to comment on the report.