TAIPEI (Taiwan News) — PX Mart is offering NT$11.5 billion (US$412.65 million) to take over hypermarket operator RT-Mart from France’s Auchan and the Ruentex Group, reports said Saturday (Nov. 27).

The Taiwan supermarket group also promised it would maintain RT-Mart as a separate brand and keep its management team in place, CNA reported. PX Mart first announced its intention to take control of the 20 RT-Mart hypermarkets and two convenience stores in October, but without revealing details.

PX Mart Chairman Lin Ming-hsiung (林敏雄) told reporters Saturday that it was RT-Mart that initiated talks, with negotiations about the price continuing for several months, including offers and counteroffers.

French hypermarket chain Carrefour had also sought out PX Mart as a potential buyer for its operations in Taiwan, but because he was already involved in talks with PX Mart, no further action was taken, Lin said.

Carrefour was reportedly considering leaving the country, with its local partner, Uni-President Enterprises Corporation, claiming the status of front-runner as it already owns 40% of the French group’s local subsidiary, though other contenders have also expressed interest.