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Couche-Tard offers $19.7 billion for Carrefour, France not happy

Christian Fernsby |
Canada's Couche-Tard said in a statement on Wednesday that it's offering €20 ($24.35) a share to acquire France's biggest supermarket chain, Carrefour.

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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.

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