Carrefour CEO José Luis Duran has confirmed that the world's second largest retailer will trade its business in the Czech Republic with Tesco in exchange for the UK company's stores in Taiwan.

The French retailer will hand over 11 hypermarkets in the Czech Republic along with three Slovakian hypermarkets. However, the Slovakian monopolies and mergers commission is reviewing this, as Tesco is already the leader in this market.

Speaking at the IGD Global Retail Conference last week, Duran confirmed that Carrefour's agreement with Tesco was progressing, but failed to provide a timetable for its completion.