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LONDON, Oct 18 (Reuters) - Tesco, Britain's biggest
retailer, has started a programme to buy back shares with a
value of up to 500 million pounds ($686 million), it said on
Monday.
The group had said when it published half year results on
Oct. 6 that it could afford to start a multi-year share buyback.
At the time Tesco CEO Ken Murphy denied the buyback was a
tactic to ward off private equity bidders.
Rivals Asda and Morrisons have both succumbed to
private equity bids this year.
Tesco said Citigroup will repurchase shares on its behalf.
($1 = 0.7289 pounds)
(Reporting by James Davey; editing by Sarah Young and Louise
Heavens)
