TAIPEI (Taiwan News) — The Fair Trade Commission (FTC) on Friday (May 5) conditionally approved the NT$29 billion (US$945.87 million) takeover of 60% of Carrefour Taiwan by minority shareholder Uni-President Enterprises.

The major Taiwanese food conglomerate already held 40% of the French supermarket chain’s local operations. It announced last year it wanted to buy the remaining 60%, with its bid defeating reported rival attempts by other interested parties including Taiwan’s Far Eastern Group, the Carlyle Group, and CVC Capital Partners from the United States.

The conditions announced by the FTC for the takeover on Friday included measures to protect the rights of small and medium suppliers, and restrictions on board members from one part of the group serving on the Carrefour Taiwan board, CNA reported.

Uni-President, which also runs department stores and the 7-Eleven convenience stores, said the French side still needed the approval of the Ministry of Economic Affairs (MOEA) Investment Commission for the deal, according to the Liberty Times. Carrefour entered the Taiwan market in 1987, gradually expanding to include 68 hypermarkets and 272 supermarkets.