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Tesco may rent Domus furniture stores

Domus Rt, a furniture retail chain, rose 5% to a record today after local media reported Britain’s Tesco Plc was in talks with the company to lease its furniture stores.

 

Domus has 26 furniture stores across Hungary, where it competes with IKEA. Fotex Rt, which owns a majority stake in Domus, is moving out of retailing because of increased competition after Hungary's European Union entry, Chairman Gábor Várszegi said last week. It has already sold its electronic appliance and optical chains. Fotex, which has a 56.6% stake in Domus, offered Dec. 12 to buy the shares it doesn't own in the company for Ft 1,600 each.