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UK supermarket chain Tesco announced this morning that it has been successful in its bid to acquire Japan's C Two-Network convenience store chain.

Two-thirds of the chain's shareholders have agreed to sell Tesco their shares.

If all of the company's shareholders agree to sell to Tesco, the deal will be worth the equivalent of $278 million (US).

"We are delighted that the offer has been successful," said Tesco CEO Sir Terry Leahy. "We look forward to working alongside a young and dynamic Japanese management team to further develop this innovative and profitable business."

The C-Two acquisition allows Tesco to keep pace with Wal-Mart, which is in the process of acquiring Seiyu there, albeit in stages.

Tesco has said it intends to keep local management in place, and use the acquisition as a way to learn about the Japanese market.
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