The South Korean competition regulator, the Fair Trade Commission (FTC), has approved Korean clothing company E.Land Corporation's acquisition of the South Korean unit of French retailer Carrefour.

The sale, which was announced in April, has been approved on the condition that E.Land sells three stores in three designated areas within six months from the date of completion.

E.Land will acquire Carrefour's 32 outlets in South Korea, making E.Land the nation's third-largest chain.

E.Land today (14 September) announced its intention to rename the discount chain Homever.