Alimentation Couche-Tard To Invest US$3.6 Billion In Carrefour To Push Takeover Bid

2 min read | January 15, 2021 01:21 PM EST | By Team Kalkine Media

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Canadian retail giant Alimentation Couche-Tard (TSX:ATD.B, ATD.A) is planning to pump US$3.6 billion in French grocer Carrefour SA over the next five years in an attempt to save its takeover bid.
French Finance Minister on Friday, January 15, reiterated his objection to a planned acquisition of Paris-based grocery chain by the Canadian retailer.
The Couche-Tard confirmed on Wednesday, January 13, that it had offered a non-binding proposal of 20 euros per share, which valued continental Europe’s biggest retailer at 16 billion euros or US$ 19.6 billion.
Shares of the French retailer plunged nearly 5.7 per cent on Euronext Paris on Friday. The decline came as the French Finance Minister Bruno Le Maire asserted ‘a complete no’ to the deal.
Earlier, he voiced concerns about French retailers’ takeover by foreign companies, which could hurt its domestic food supply. The French government recently alerted authorities to block any foreign acquisition.
Alimentation Couche-Tard’s stock has tumbled over 12 per cent, led by the company’s confirmation to explore this deal. Its 10-day trading average volume has rushed to 5.5 million. The company’s present market cap (All classes) is C$ 40.39 billion. The company has a current stock price of C$ 36.29, and its total listed ATD.B shares outstanding are 856 million.

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