Orion considering bidding for Tesco's South Korean unit

South Korean snack maker Orion said it was considering bidding for Tesco’s South Korean unit, which is worth approximately £3.9bn.

In a statement released on Monday, the group said it was yet to make a decision on whether to pursue a formal offer, although it had received an information memorandum about the sale of Homeplus, the British retailer’s South Korean segment.

Sources cited by Reuters added Tesco hired HSBC to explore a sale of its South Korean arm.

Tesco shares were up 0.16% to 214.05p at 10:01 on Monday.