Couche-Tard offers $19.7 billion for Carrefour, France not happy
Topics: COUCHE-TARD CARREFOUR FRANCE
he offer, which Couche-Tard expects to be mostly in cash, values Carrefour at €16.2 billion ($19.7 billion) and represents a 29% premium to its closing price on Tuesday.
“At first glance, I am not in favour of this operation. French food sovereignty is a key issue,” French Finance Minister Bruno Le Maire said in an interview on France 5 TV.
As France seeks to preserve independence in food access, food retail was recently added to a list of sectors considered strategic by the French government, which gives the government to review and block any deals.
The minister also cited jobs as a key consideration as Carrefour is a major employer and said he is not in favour of a takeover by a foreign company. ■