Tesco Irish subsidiary in €1bn share restructuring

Tesco Irish subsidiary in €1bn share restructuring

One of Tesco’s Irish subsidiaries has reduced its share capital by nearly a billion euro to create a special reserve fund to “facilitate the declaration and payment of a dividend” to its parent company.

It comes as the supermarket giant prepares to cut thousands of jobs across Britain in an effort to reduce costs.

The company last month said that at least 9,000 jobs would be affected.

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