Two of Europe’s biggest supermarket chains are joining forces.

Tesco (TSCDF) and Carrefour (CRERF) said on Monday they are planning a long-term, strategic alliance covering their relationship with global suppliers and joint purchasing of own brand products.

In a joint statement, the companies said they were hoping to improve the quality and choice of products available to their customers “at even lower prices thereby enhancing their competitiveness.”

“By working together and making the most of our collective product expertise and sourcing capability, we will be able to serve our customers even better, further improving choice, quality and value,” Tesco CEO Dave Lewis said in the statement.

Related: Walmart sells its UK supermarket business to Sainsbury’s

Carrefour CEO Alexandre Bompard said the alliance would combine the purchasing expertise of two world leaders with complementary geographical reach and common strategies.

Tesco and Carrefour expect to formally agree the alliance within two months.

CNNMoney (London) First published July 2, 2018: 4:06 AM ET



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