French retail group Auchan is to make a bid for the 41.4% stake in Italian retailer Rinascente that it does not already own.

A bid of 735.4m euros will be made by Auchan through holding company Eurofind.

Eurofind owns 58.64% of the voting shares in the Auchan-Rinascente joint venture which operates a chain of hypermarkets in Italy.