TAIPEI (Taiwan News) — Auchan Retail is weighing whether to sell its stake in a hypermarket chain in Taiwan and exit the Asia market, per Bloomberg.
Auchan Retail, the largest shareholder of RT-Mart in Taiwan, is seeking to sell its stake in the chain, according to a source. The sale would mark a complete withdrawal of Auchan from Asia.
The 65 percent stake in RT-Mart is expected to sell for US$300-400 million. The sale process began last week.
As the deal is still in primary negotiations, Auchan may yet decide to retain its interest, according to sources close to the matter.
Last October, the French supermarket chain sold its stake in Sun Art Retail Group Ltd. to Chinese giant Alibaba Group Holding Ltd for US$3.6 billion. Now, Auchan appears ready to divest itself from its last holding in Asia.
Currently, Auchan still owns 20 hypermarkets and two convenience stores in Taiwan, which have a total of 5,500 employees. The company opened its first store in 1997.