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Alimentation Couche-Tard Terminates Carrefour Acquisition Plan Amid French Protest

1 min read | January 18, 2021 11:09 AM EST | By Team Kalkine Media
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  • Canadian convenience store giant Alimentation Couche-Tard (TSX: ATD.A, ATD.B) and French grocer Carrefour SA have discontinued their US$20-million merger plans.
  • The development comes amid rising protest by French finance minister over concerns of foreign control on domestic food supply.
  • The two retail companies will, however, explore “operational partnerships” and share best practices to optimizing purchasing volumes of fuel, product distribution, branding and innovation, and so on. The companies released a joint statement on January 16 announcing the decision.
  • Through the merger, the companies could have a network of 14000+ convenience stores across North America and Europe.
  • In a last-ditch attempt to acquire Carrefour SA, Couche-Tard even announced a US$3.6-billion investment deal in the French retail company, promising no job cuts at two years and so on.
  • As per media reports, Canadian federal officials tried push through the deal, citing the close links and business deals between the two nations. In 2020, Alstom SA acquired Canadian manufacturer Bombardier Inc.
  • At the time of writing this (10:42 am ET), Alimentation Couche-Tard Class B shares were up over 1.6 per cent at C$ 38.59 while Carrefour stocks plunged by 6.38 per cent to Euro 15.55.

 

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