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Far Eastern Group interested in taking over Carrefour Taiwan

Carrefour Taiwan shareholder Uni-President describes possibility of takeover as domestic matter

Chairman Douglas Hsu of Far Eastern Group. 

Chairman Douglas Hsu of Far Eastern Group.  (CNA photo)

TAIPEI (Taiwan News) — With persistent rumors that French retail giant Carrefour plans to sell off its Taiwan operations, the Far Eastern Group let it be known Tuesday (Nov. 2) it was in the running to take over the supermarkets.

While Carrefour’s headquarters in France have not shed light on their intentions, local partner Uni-President Enterprises Corporation recently described an eventual sale as “a domestic matter,” given that the food group held a 40% stake in Carrefour Taiwan.

However, Far Eastern Group Chairman Douglas Hsu (徐旭東) said Tuesday that in the end, the highest bidder would still win the prize. He also emphasized that the French company had not said anything about a sale amounting to “a domestic matter,” CNA reported.

The tycoon, whose group owns the Far Eastern and Sogo department stores, reportedly said the bidding for Carrefour’s Taiwan share had already reached a second phase, with rivals including the Carlyle Group and CVC Capital Partners from the United States. Hsu described the process as “challenging and complicated” but rejected the notion that Uni-President had the inside track.

The apparent race to take control of Carrefour Taiwan followed an announcement by PX Mart that it was planning to take over RT-Mart by mid-2022 after the departure of another French hypermarket group, Auchan, from Taiwan.

Updated : 2022-05-24 14:00 GMT+08:00