TAIPEI (Taiwan News) — PX Mart plans to buy hypermarket operator RT-Mart from France’s Auchan and the Ruentex Group by mid-2022, reports said Friday (Oct. 22).
One of Auchan’s French rivals, Carrefour, last year acquired Wellcome Taiwan, including the Jasons Market Place brand, resulting in control over 224 supermarkets. However, the company has not confirmed recent reports that it was considering leaving Taiwan.
Supermarket chain PX Mart said it was acquiring buildings, land, distribution rights and the RT-Mart brand founded by Taiwan tycoon Samuel Yin’s (尹衍樑) Ruentex Group. The latter company owns 20 hypermarkets and two convenience stores, while PX Mart operates 1,056 outlets and wants to expand to more than 1,100 next year, CNA reported.
No price tag was mentioned for the planned deal, but Ruentex subsidiaries Ruentex Industries Ltd. and Ruentex Development Co. said they would sell their stakes in the hypermarket company for NT$1.303 billion (US$46.76 million) each.
If the transaction receives regulatory approval, it will end 24 years in Taiwan for the French group Auchan, which reportedly holds a 65% stake in RT-Mart. Previous reports put the company’s asking price for that stake at between US$300 million and US$400 million.