France blocks acquisition of Carrefour by Canadian Couche-Tard

Carrefour's shares fell 6,92% to 15,46 euros after the Macron government expressed opposition to the Couche-Tard Canadians' offer.

Poland

The shares fell nearly 7% (-6,92%) after the Canadian company Couche-Tard abandoned its attempt to acquire the French retail giant, following the French government saying it would veto the deal due to concerns over the food security.

Couche-Tard withdrew its € 16,2 billion offer by Carrefour in the face of the French government's opposition to the deal, even though the two companies said they would continue to work on partnership opportunities.

XTB analyst Henrique Tomé said in a note released Monday, citing Bloomberg, that “French politicians have not changed their minds, despite the guarantees of Couche-Tard founder Alain Bouchard, that he would spend a billion on development company, keep the job unchanged for the next two years and that the group would be listed on the Paris Stock Exchange in parallel with Canada ”.

"Food security is a strategic consideration for our country and it is not just one of the big French distributors to deliver," said French Economy Minister Bruno Le Maire.

Citi analysts, cited by international media, admit that there is still a chance that Carrefour and Couche-Tard will resume negotiations at a later date, while the possibility remains that Carrefour and domestic rival Casino will examine a merger agreement.

Recommended

Salesforce Director in Portugal: “If companies invest in digital without thinking about the medium and long term, the user experience is bad”

A study of North American technology concludes that the vast majority (89%) of customers consider that the way a company acts during a crisis demonstrates the confidence that it is possible to have in it. “Our investment plans are people, job creation, which is always very important for our economy”, says Fernando Braz to Jornal Económico.

International hairdresser network criticizes promotion of “providing beauty services at home”

Jean Louis David, prevented from working due to the prohibitions imposed by the Government during general confinement, "does not consider it acceptable that this situation may exist", referring to the publication of the study that addresses the increased demand for these services provided at home.

Technology company expands hybrid cloud services with banking and health in sight

The “IBM Cloud Satellite” aims to allow customers - highly regulated and with a large amount of information to process - to control the storage of their information and large amounts of data online.
Comments