Carrefour, Tesco in joint alliance

Carrefour and Tesco, two of Europe's largest retailers, said Monday they plan to form a purchasing alliance to increase their leverage with suppliers in a fiercely competitive supermarket sector. The French and British supermarket giants said in a joint statement that they plan to jointly purchase goods in a bid to cut costs.
The deal, which will last for three years, is expected to be concluded "within the next two months," the statement said.