US' Costco buys out its local partner for US$1.05bn

US-based Costco Wholesale Corp on Thursday said that it had purchased the remaining 45 percent stake in Costco President Taiwan Inc (台灣好市多) for US$1.05 billion, making the local company a fully-owned unit.
“We estimate that the purchase would add about 1 to 1.5 percent to [our] earnings per share,” Costco said in a statement.
Costco President Taiwan was established as a joint venture with Kaohsiung-based President Group (大統集團), which held a 45 percent stake.
Since the first Costco store opened in Kaohsiung in 1997, 14 outlets have been set up in Taiwan, company data showed.
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Three Costco stores in Taiwan — in Taipei’s Neihu

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