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Tesco Investor L&G Questions Banking, U.S. Units, Times Reports

April 8 (Bloomberg) -- Tesco Plc’s third-largest investor, Legal & General Investment Management, questioned the future of the retailer’s U.S. and banking businesses as the company nears completion of a strategic review, the Sunday Times reported, citing the shareholder.

Richard Black, a fund manager at Legal & General, said the company should focus on rebuilding its British grocery business, the newspaper said.

“We have a clear target to break even in America,” Tesco said in a statement. “In the U.K., we began our investment plan last summer, accelerated the pace in January and have already announced important initiatives.”

To contact the reporter on this story: Jonathan Browning in London at jbrowning9@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

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