Jerónimo Martins Retail (JMR) has confirmed that it is in ongoing talks with Royal Ahold concerning the purchase of Ahold’s stake in JMR’s retail operations.

Ahold currently holds a 49% stake in JMR, Portugal’s largest retailer.

Upon the completion of a strategic review last November, the Dutch retail group signalled its intention to exit the Portuguese retail market. At this time, JMR said that it would purchase Ahold’s holdings in the joint venture.

“We are making steady progress in these negotiations. No deadline for their completion has been set,” a spokesperson for the Portuguese retailer told just-food.

JMR operates under a number of leading retail brands in its home market, including the Pingo Doce and Feira Nova banners.