Couche-Tard open to second chance to woo French food giant Carrefour, says CEO

MONTREAL — Alimentation Couche-Tard abandoned its bid for Carrefour but is still open to a second chance to woo the food giant if the French government retracts its opposition.

For the time being, however, Couche-Tard CEO Brian Hannasch says talks remain on ice with the two retailers instead examining the possibility of co-operating in areas such as fuel distribution and joint purchasing.

Hannasch said on a conference call Monday that the next move on a potential acquisition is up to the French government and other key stakeholders

This was the first time that Couche-Tard management has offered comment since the confirmation last week of negotiations with Carrefour as well as the filing of a friendly offer of around $25 billion.

French finance minister Bruno Le Maire told Couche-Tard founder Alain Boucher on Friday in Paris that he refused to let a potential takeover proceed because he felt the deal would put food security at stake.

This transaction, which would have been Couche-Tard’s largest acquisition, would have allowed it to become among the five largest retailers in the world, says Hannasch.

This report by The Canadian Press was first published Jan. 18, 2021.

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The Canadian Press