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French Finance Minister Opposes Couche-Tard's (TSX: ATD.B) Proposal To Acquire Carrefour

1 min read | January 14, 2021 08:09 AM EST | By Team Kalkine Media
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  • Stocks of Canadian retail giant company Alimentation Couche-Tard Inc (TSX:ATD.B) fell as much as 10.2 per cent on Wednesday, January 13, as the French government opposed its takeover of French grocer Carrefour SA (CRERF:US).
  • Carrefour stocks, meanwhile, surged by 2.6 per cent on the back of this report.
  • French Finance Minister Bruno Le Maire has expressed his concerns about the US$ 20 billion retail deal and reportedly said that he is not in favor of this arrangement.
  • He stated that the COVID-19 pandemic crisis has shone light on the importance of local control over the essential retail industry, as per media reports.
  • Alimentation Couche-Tard had announced on Tuesday, January 12, that it has initiated acquisition talks with Carrefour. The company, however, had pointed that the discussion may not lead to a final agreement, as per the company’s exchange filing.
  • Couche-Tard is offering 20 euros per share to buy Carrefour.
  • The Canadian company saw over 25 million shares change hands on Wednesday.
  • Its current market cap is approximately C$ 41.3 billion.
  • The retail giant pays a quarterly dividend of C$ 0.087 per stock and currently holds a dividend yield of 0.916 per cent, as per the data on TMX Group.

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