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Money Bruno Le Maire again refuses a merger between Carrefour and the Canadian Couche-Tard

14:50  15 january  2021
14:50  15 january  2021 Source:   20minutes.fr

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French Finance Minister Bruno Le Maire said that he is not in favour of Canadian convenience-store operator Alimentation Couche - Tard 's takeover approach for French retailer Carrefour . Oh, and the median retirement savings among these upper middle class savers was 9,000—about enough to

Couche - Tard shares regained some ground in Toronto after Le Maire ’s comments but still closed down 9.2%, their worst day since last A takeover would combine Carrefour ’s extensive European base with the Canadian company’s North American-focused network of convenience stores and gas stations.

Bruno Le Maire says he refuses this possible takeover in the name of the “food security” of the French

Un magasin Couche-Tard à Montreal. © AFP A Couche-Tard store in Montreal. GRANDE DISTRIBUTION - Bruno Le Maire says he refuses this possible takeover in the name of the “food security” of the French

The French government opposes a “clear and definitive” refusal to the merger between the French distribution groups Carrefour and Canadian Couche-Tard , French Economy Minister Bruno Le Maire said on Friday.

"My position is a courteous no, but clear and definitive", insisted the minister during an interview with the media BFMTV and RMC, after indicating Wednesday that he was "a priori not favorable" to such an operation in the name of the “food security” of the French.

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Canadian convenience-store operator Alimentation Couche - Tard Inc. said Wednesday it made a non-binding offer of 20 euro (.97) a share for Europe’s biggest retailer As of Tuesday, Carrefour had a market capitalization of .56 billion and Couche – Tard ‘s market capitalization was billion.

Canadian convenience-store operator Alimentation Couche - Tard ’s near billion takeover Labour Minister Elisabeth Borne underlined the political opposition to a takeover of Carrefour by Couche - Tard on Wednesday made a non-binding 20 euros per share offer for the French grocery

Blockage

"This health crisis has taught us one thing: it is that food security is priceless", defended Bruno Le Maire, evoking the role of large retailers during the first lockdown to ensure supply the French.

"Food security is strategic for our country and therefore we do not give up one of the major French distributors", he added, adding that "Carrefour is the leading private employer in France with nearly 100,000 employees" and that the group “represents nearly 20% of food distribution in our country”.

To oppose this takeover, the government can rely on the regulation on the control of foreign investments, which allows it to block takeover operations in the food industry . "We have the legal instrument at our disposal, I prefer not to have to use it", but the Ministry of the Economy will activate it "if necessary", argued Bruno Le Maire.

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