French retailer Carrefour to divest Taiwan business

According to three sources with knowledge of the matter at hand, French retailer Carrefour plans on launching a sale of its Taiwan business, which is valued at around $1.9 billion (1.6 billion euros) in the coming weeks.

Carrefour has hired Morgan Stanley to run the divestment, which is likely to take place after the summer, said the sources on the condition of anonymity.

The supermarket chain operator has approached a number of potential buyers, including private equity firms, to gauge their interest, said sources.

Carrefour did not immediately respond to requests for comments.

Morgan Stanley declined comment.

Earlier in June, Carrefour, Europe’s largest retailer had said, it had started considering possible consolidation, divestitures or tie-ups of its foreign subsidiaries, but denied it had decided to sell any assets.

In the first half of this year, Carrefour reported 1.26 billion euros in Taiwan net sales, up by 13% year on year at constant exchange rates.

While in recent years, Carrefour expanded its market in Taiwan, its market share in China retreated in 2019.

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