Canadian convenience store chain Couche-Tard has dropped its multi-billion-euro takeover bid for French supermarket giant Carrefour, the two companies confirmed Saturday, after Paris said it would veto the deal
Canadian firm pulls out of Carrefour takeover after French No Sun 17th January 2021 | 01:40 AM
Paris, (UrduPoint / Pakistan Point News - 17th Jan, 2021 ) :Canadian convenience store chain Couche-Tard has dropped its multi-billion-euro takeover bid for French supermarket giant Carrefour, the two companies confirmed Saturday, after Paris said it would veto the deal.
Carrefour and Couche-Tard said they would pursue operational partnerships after the French government signalled it would not agree to the takeover because it could jeopardise food security an even more important consideration given the coronavirus pandemic. Among the preliminary areas of cooperation to be explored are sharing best practices on fuel, pooling purchasing volumes, partnering on private labels, improving the customer journey through innovation, and evaluating ways of optimizing product distribution in the overlapping networks, Carrefour and Couche-Tard said in a joint statement.
Canadian firm pulls out of Carrefour takeover after French No Updated: 2021-01-17 08:02 A man cycles past a Couche-Tard convenience store in Montreal, Quebec, Canada on Jan 13, 2021. [Photo/Agencies]
PARIS - Canadian convenience store chain Couche-Tard has dropped its multi-billion-euro takeover bid for French supermarket giant Carrefour, the two companies confirmed Saturday, after Paris said it would veto the deal.
Carrefour and Couche-Tard said they would pursue operational partnerships after the French government signalled it would not agree to the takeover because it could jeopardise food security an even more important consideration given the coronavirus pandemic.
The two companies said in a joint statement that they hoped to cooperate in areas such as pooling purchasing volumes, partnering on private labels, improving the customer journey through innovation, and evaluating ways of optimizing product distribution after Paris scuppered the deal.
France insisted Friday it would not agree to a 16-billion-euros takeover of supermarket giant Carrefour by Canada s Couche-Tard convenience store chain because it could jeopardise food security, an even more important consideration in the coronavirus pandemic.
French Government Opposes Couche-Tard s Takeover of Carrefour morningstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from morningstar.com Daily Mail and Mail on Sunday newspapers.