Brazil’s largest retailer Companhia Brasileira de Distribuicao (CBD) has said that it will not enter an auction for the Brazilian assets of Dutch retail giant Ahold.

“It’s an area of Brazil where we would like to have a significant (market) share,” Leonardo de Paiva Rocha, CBD’s finance director, was quoted by Reuters as saying. “But the company will not enter an auction. We never work that way with acquisitions.”

Rocha added that CBD would only “pay and adequate value,” but did not give further details, Reuters reported.

CBD, which is often known by the name of its flagship supermarket chain, Pao de Acucar, is one of several retailers to have submitted a bid for Ahold’s Brazilian assets, which include the Bompreco and G Barbosa retail chains. US retail titan Wal-Mart and French giant Carrefour also submitted bids. However, a source told Reuters that Carrefour had dropped its bid, although the company would not comment on the process.