Tesco has exercised its call options to acquire a further 16.4% stake in Dobbies Garden Centres. The purchase takes Tesco's stake in Dobbies to 28.1%.

Tesco is in the process of acquiring the chain but could face competition from Sir Tom Hunter, the owner of Wyevale Garden Centres.

In an update this morning, Tesco said the deal had been cleared by the Office of Fair Trading and reiterated that its 1,500p a share offer represented “excellent value”.

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