French grocery retailer Auchan is reportedly negotiating the sale of its Taiwan business, marking the last step of its exit from Asia.
According to a report by Bloomberg, citing reliable sources, Auchan will sell its 65-per-cent share of RT-Mart for somewhere between US$300-400 million in a sale process which commenced last week. A search is underway to identify prospective buyers.
Auchan has declined to comment on the matter.
Last October, Auchan sold its stake in China’s Sun Art Retail Group to Alibaba Group in a transaction valued at $3.6 billion. It earlier closed stores in Vietnam and sold the remainder of the business to local operator Saigon Co-op.
Auchan made its debut in Taiwan in 1997 and has around 5500 employees there.