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A logo of Tesco is pictured outside a Tesco supermarket in Hatfield, Britain October 6, 2020. REUTERS/Peter Cziborra/File Photo
LONDON, Oct 18 (Reuters) - Tesco (TSCO.L), 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 (MRW.L) 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
Our Standards: The Thomson Reuters Trust Principles.
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Tesco starts $686 mln share buyback - Reuters UK
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