3rd Nov 2014 06:31
LONDON (Alliance News) - Tesco PLC has started considering plans to sell a stake in its banking arm as it accelerates plans to raise billions of pounds in new capital, The Daily Telegraph reported on Saturday.
The supermarket group is understood to be holding talks about a potential partial float of Tesco Bank, which could raise between GBP500 million and GBP1 billion.
The group is already in the process of selling its Blinkbox video streaming service, with potential bidders for the business sought out in recent days, the paper said. But industry sources suggest Blinkbox is unlikely to raise much money for the group, given it is heavily lossmaking, and have said the unit could just be closed down instead.
http://www.telegraph.co.uk/finance/newsbysector/epic/tsco/11203538/Tesco-eyes-1bn-from-bank-sale.html
By Sam Unsted; [email protected]; @SamUAtAlliance
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