Auchan Weighs Asia Exit in $400 Million Taiwan Stake Sale
(Bloomberg) -- Auchan Retail is considering selling its stake in a group of RT-Mart-branded stores in Taiwan and is seeking $300 million to $400 million, people familiar with the matter said.
The French supermarket chain is working with an adviser to find a buyer for its 65% stake in the retail locations, the people said, asking not to be identified as the process is confidential. The sale kicked off last week, they said.
Deliberations are at an early stage and Auchan could decide to keep the interest, the people said. A representative for Auchan declined to comment.
The potential sale would complete Auchan’s exit from Asia, after selling its stake in Sun Art Retail Group Ltd. to Alibaba Group Holding Ltd. in October in a deal worth about $3.6 billion. Sun Art operates so-called hypermarkets, large retail outlets that combine a department store and a supermarket, and convenience stores in China under the RT-Mart and Auchan brands.
Auchan owns 20 hypermarkets and two convenience stores in Taiwan, according to the 2020 annual report of Elo, formerly known as Auchan Holding. Auchan opened its first Taiwan store in 1997 and has 5,500 employees in its Auchan Retail Taiwan unit, which runs the RT-Mart-branded stores, its website shows.
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