1328 GMT - Tesco's acquisition of Paperchase's brand and intellectual property shows the group is able to make opportunistic moves to improve its offer, Shore Capital analysts Clive Black and Darren Shirley say in a note. The U.K. grocer's deal details are expected to appear in its fiscal 2023 report, they say. Although no further information was disclosed, Paperchase could turn up in a variety of forms in Tesco's broad range of U.K., and maybe Irish, stores in due course, the analysts say. Tesco isn't expected to show material M&A activity at this stage, but more opportunistic deals could appear given its considerable free cash flow, they add. (michael.susin@wsj.com)

(END) Dow Jones Newswires

February 01, 2023 08:28 ET (13:28 GMT)

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