Tuesday, 19 Jan 2021 08:41 AM MYT
French Finance Minister Bruno Le Maire said that despite its opposition to the takeover of Carrefour by Couche-Tard, France remained open to foreign investments and remained the most attractive country in Europe for foreign investments . Reuters pic
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MONTREAL, Jan 19 Alimentation Couche-Tard would revive its US$20 billion (RM80.9 billion) bid for France’s Carrefour if the Canadian convenience store operator saw a change in the French government’s stance on the proposed deal, its chief executive said yesterday.
Couche-Tard dropped its surprise bid for the European retailer over the weekend after the plan ran into opposition from the French government. Some French politicians said the issue was a matter of national food safety.
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By Reuters Staff
1 Min Read
PARIS, Jan 18 (Reuters) - France remains open to foreign investment after Canada’s Alimentation Couche-Tard’s possible takeover of France’s Carrefour unravelled after running into opposition from the government, French Finance Minister Bruno Le Maire said on Monday.
“Our economic policy remains open to foreign investments. The political meaning of this economic decision (to oppose a possible takeover) was that I believe in food sovereignty,” Le Maire told RTL radio.
Couche-Tard dropped its surprise bid for the European retailer over the weekend after the plan ran into opposition from the French government. Some French politicians and notably Le Maire had said the issue was a matter of national food safety. (Reporting by Dominique Vidalon; editing by David Evans)
Couche-Tard to pursue other deals after Carrefour failure
Sandrine Rastello and Michael Bellusci, Bloomberg News
Politics torpedo Couche-Tard s deal for Carrefour VIDEO SIGN OUT
Executives at Alimentation Couche-Tard Inc. defended a failed bid for Carrefour SA and said they would still like to buy the French grocer some day, but will turn their focus to other potential deals.
The Canadian convenience store operator made a US$20 billion offer that was shot down by French Finance Minister Bruno Le Maire on Friday. The bid caught investors off guard because Couche-Tard does not operate supermarkets.
The shares tumbled nearly 11 per cent last week. On Monday, they were up 2.4 per cent to $38.90 as of 9:36 a.m. in Toronto.