France opposes foreign takeover offer for supermarket chain, Retail News, ET Retail

Paris, France‘s authorities says it opposes the proposed 16.2 billion-euro (USD 19.6 billion) takeover of French supermarket chain Carrefour by Canadian comfort retailer group Couche-Tard. Labor Minister Elisabeth Borne mentioned Thursday on radio Europe 1 that she is “against a takeover.” That follows related feedback by Finance Minister Bruno Le Maire who defined that the nation’s “meals sovereignty” is at stake.

“Im not in favor of such a deal,” Le Maire mentioned on tv channel France 5 on Wednesday.

Carrefour is Europes largest retailer and the largest non-public employer in France, with over 105,000 workers within the nation.

Underneath French guidelines on controlling overseas funding, the governments approval is required in some strategic sectors, which incorporates meals retail, Le Maire mentioned.

Carrefour mentioned on Wednesday in a press release that the Alimentation Couche-Tard group had approached it with a tie-up proposal and that talks are at an early stage.

Couche-Tard additionally confirmed it proposed an preliminary “pleasant mixture” on the value of 20 euros per share however careworn “there isn’t any certainty at this stage that these discussions will lead to any settlement or transaction.