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.


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.


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