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Tesco loses $450 million over horse burgers

Reported by Claire Gould
Thursday, January 17, 2013
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The retail giant has come under fire over the contents of its beef burger (Getty).
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British supermarket chain Tesco dropped more than $450 million in value overnight after traces of horse meat were found in their beef burgers.

Horse meat was found to account for about 29 percent of the meat in Tesco Everyday Value Beef Burgers.

The company said last night that it was immediately withdrawing all fresh and frozen burgers from its shelves, regardless of whether they contained traces of horse DNA, the British Daily Telegraph reported.

Tesco — one of four retailers found to be selling the contaminated burgers — said it was investigating the scandal but insisted the products posed 'no risk to public health'.

Jan Creamer, of the Animal Defenders International charity, said: "People will be disgusted. It makes a mockery of food labelling."

The supermarket is seeking to turnaround its UK business and last week reported its highest sales growth in three years over the Christmas period.

The group disappointed investors in October by posting its first fall in profits since 1994, hurt by slowing sales in its home market.

Earlier this week it was named as the third best global retailer in the world in Deloitte’s Global Powers of Retailing 2013 report.

31/10/2014 05:12Sydney, Australia. 31 October,2014
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