Trouble in store for Tesco?

Tesco is getting a good deal with its bid for wholesaler Booker. But regulators could yet block the merger, says Ben Judge.

Last week, Tesco surprised investors with a £3.7bn bid for Booker, which is Britain’s biggest wholesale food distributor and also owns the Makro cash-and-carry and the Budgens and Londis chains of shops. The deal represents “a massive bet on post-Brexit Britain and the UK consumer” by Tesco, says Allister Heath in the Daily Telegraph.

Tesco has retrenched from unprofitable overseas ventures and is reshoring “vast amounts of cash” in a bid [...]