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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/tesco-targets-asda-in-price-war.jpg"><img class="alignnone size-full" title="Supermarket giant Tesco is launching a 200 million pounds price war with rival Asda" src="http://londonglossy.com/wp-content/uploads/2011/02/min-tesco-targets-asda-in-price-war.jpg" alt="Supermarket giant Tesco is launching a 200 million pounds price war with rival Asda"/></a></p>
<p>Supermarket giant Tesco is launching a £200 million price war with rival Asda as its chief executive prepares to retire after 14 years at the helm.</p>
<p>The group is lowering prices on more than 1,000 items from Monday and promising to pay shoppers &#8220;double the difference&#8221; on products found cheaper at Wal-Mart owned Asda.</p>
<p>Its move to up the ante against resurgent competitor Asda comes on the same day that Sir Terry Leahy celebrates his last day in charge &#8211; and his 55th birthday.</p>
<p>Sir Terry &#8211; hailed as one of Britain&#8217;s great retailers &#8211; will hand over to successor Philip Clarke on Tuesday after transforming the supermarket from the UK&#8217;s number two chain to the clear market leader and an international force.</p>
<p>Mr Clarke takes over amid a mounting price battle with Asda, which has been leading a sales growth revival with its Asda Price Guarantee &#8211; relaunched in January pledging to sell groceries at least 10% cheaper than its major rivals.</p>
<p>Asda last week revealed a robust Christmas trading performance that left rival Tesco in the shade, reporting like-for-like sales up by 2.6% including VAT in the final quarter of 2010 against Tesco&#8217;s sales rise of 0.6% for its six-week festive period.</p>
<p>Tesco&#8217;s new front in the price war suggests Mr Clarke is keen to ensure Tesco retains its title as the UK&#8217;s most successful supermarket player.</p>
<p>Sir Terry, who was knighted in 2002 for his services to food retailing, has overseen a leap in pre-tax profits from £750 million in 1997 to more than £3 billion in the group&#8217;s last set of annual figures.</p>
<p>The chain now operates in 14 markets internationally &#8211; a more than three-fold increase since Sir Terry took over from the then chairman Lord MacLaurin.</p>
<p>A life-long Tesco employee, Sir Terry joined in 1979 and held a number of marketing and commercial positions before being appointed to the board in October 1992 and then chief executive on February 21, 1997.</p>
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