Tesco signs formal buying alliance with Carrefour

Tesco has signed on the dotted line to agree a long-term, strategic alliance with French supermarket peer Carrefour.

Following the formal agreement, the FTSE 100 grocery giant said it expects the alliance will become operational in October with a three-year operational framework pencilled in.

The agreement will cover the strategic relationship with global suppliers, the joint purchasing of own brand products and goods not for resale.