President Chain Store Corporation (TWSE:2912) agreed to acquire 10.50% stake in Presicarre Corp. from Carrefour Netherlands B.V. for TWD 5.1 billion on July 19, 2022. As a part of consideration, 78.2 million shares at TWD 64.92 per share will be acquired for estimated total monetary amount of the transaction TWD 5.1 billion and the payment will be made by cash and bank loan.

In 2021, Carrefour Taiwan generated net sales of €2.5 billion (TWD 78.8 billion), EBITDA of €243 million (TWD 7.7 billion) and Recurring Operating Income of €78 million (TWD 2.5 billion). The closing of the transaction is subject to the approval by the Taiwanese competition authorities (TFTC) and other customary conditions. It is expected to materialize by mid-2023.

As on May 5, 2023, the transaction was approved by the Taiwan Fair Trade Commission. The completion of the transaction is still conditioned upon the approval of the Investment Committee, Ministry of Economic Affairs and the satisfaction of other conditions precedent. Tess Fang, Nigel Parker and Noah Brumfield of Allen & Overy LLP along with Chen & Lin acted as legal advisors to President Chain Store Corporation (TWSE:2912) in the transaction.

Clifford Chance acted as legal advisor to Carrefour.