Couche-Tard eyes Carrefour purchase

  • par Xavier Trudeau
  • dans Financer
  • — Jan 14, 2021
Partager:

European retail giant Carrefour received a surprise merger approach from Canadian convenience store operator Alimentation Couche-Tard, pushing shares of the French company up 13% on Wednesday.

Alimentation Couche-Tard Inc. and Carrefour SA, both of which have retail portfolios spanning the globe, are in "friendly" talks about a potential combination. France has been one of Europe's toughest retail markets, with subdued economic growth curbing consumer spending while intense competition among grocers has squeezed pricing and margins.

"Given the nature and location of ATD's business, we see little potential for synergies", Citi analysts said, adding that fierce competition makes France a particularly hard market.

Representatives for Carrefour could not immediately be reached for comment.

Couche-Tard entered the Asian market in November through a deal to buy Convenience Retail Asia Ltd's Hong Kong unit for HK$2.79 billion.


Couche-Tard, whose banners include Circle K and Corner Store, said that it recently submitted a non-binding offer letter to Carrefour SA for a "friendly combination" at a price of €20.00 per Carrefour share. It is also the leading private employer in France. Convenience-store operators have been expanding into the supermarket industry, including in the United Kingdom, where TDR Capital teamed up with the gas-station entrepreneurs behind EG Group in October to acquire a majority stake in grocer Asda from Walmart Inc.

"If the potential transaction were only for Carrefour's convenience segment, we could better understand the strategic rationale", analysts at Raymond James said of Couche-Tard's approach.

Carrefour has held up fairly well during the pandemic.

In 2018, Carrefour and its French rival Casino were locked in a dispute after Casino said it rejected a merger approach that Carrefour denied having.

Partager:

DANS LE CAS OÙ VOUS L'AVEZ MANQUÉ

NOUVELLES CONNEXES

'Locked up': Indian team slam Brisbane hotel 'prison'
Players were also unimpressed that the gym and pool were off limits and none of the restaurants or cafes in the hotel were open. Recently, Brisbane was under lockdown for three days and that is what prompted the border closure with New South Wales.
1/13/2021

" "Anne Hathaway doesn’t want to be called " Anne " anymore, prefers " Annie " instead
Hathaway's mother is the only one who calls her " Anne " and she only does it when she's mad, the 38-year-old said. But her friends call her " Annie " and others use "Hath" or "Miss H".
1/13/2021

Sarah Jessica Parker responds to fan questions about Kim Cattrall after new ‘Sex and the City’ series revival
In the days following the announcement of the 10-episode miniseries titled And Just Like That , Kim has been unusually quiet. " Sex and the City " cast from left to right: Sarah Jessica Parker , Kristin Davis , Cynthia Davis and Kim Cattrall .
1/13/2021

US State Department returns Cuba to list of state sponsors of terrorism
The move comes only five years after the Obama administration removed Cuba from the blacklist and normalised relations with them. Cuba joins Syria, Iran and North Korea - nations more widely condemned for fomenting terrorism - on the US list.
1/13/2021

Sauvignon ISS: French Wine Returns Back to Earth From Space
With this, the International Space Station bids goodbye to a French wine that was literally stored from beyond any country. The Atlantic Ocean was initially planned as the landing spot but due to poor weather the capsule ended up in the Pacific.
1/13/2021

Un champion olympique parmi les émeutiers du Capitole
Des paramilitaires , des Proud Boys, des QAnon, des néo-nazis mais aussi... un ancien médaillé olympique. Au total, cinq personnes, dont un policier, sont mortes lors des tristes événements de mardi dernier.
1/13/2021

Chelsea : les favoris pour prendre la place de Frank Lampard
Neuvièmes de Premier League après 17 journées et une série de quatre défaites dans les six derniers matchs. Et la direction pourrait prendre une décision irrévocable au sujet de Franck Lampard.
1/13/2021

YouTube removes content from Donald Trump's channel, blocks new uploads
Capitol breach last week where civil unrest and acts of violence took place amid otherwise peaceful protests in surrounding areas. The video-sharing app has said the content has been removed "in light of concerns about the ongoing potential for violence".
1/13/2021

Confusing but helpful- northern Ontario reacts to province's stay-at-home order
Deaths in long-term care homes have hit 1,100 deaths and are expected to surpass 1,800 deaths experienced in the first wave. There are more than 400 patients in intensive care units across the province and surgeries are being cancelled, he said.
1/13/2021

Kremlin critic Navalny vows to return to Russian Federation this week
The Kremlin has said it has seen no evidence Navalny was poisoned and that he is free to return to Russian Federation at any time. The Siberian hospital that first treated him said he had been diagnosed with a metabolic disease caused by low blood sugar .
1/13/2021

Top military leaders issue warning to troops after deadly Capitol insurrection
He and the other members are military advisors to the president, the secretary of defense and the National Security Council. The Joint Chiefs memo did not allude directly to the question of military involvement.
1/13/2021

Kim Kardashian begins 2021 with plant-based diet
They celebrated by toasting with the crew and enjoying fancy-looking cookies that resembled the Kardashian-Jenners' faces. Not on the tears or the drinks tho, ' she wrote, adding: 'Officially sobbing.
1/13/2021

Le départ se confirme pour cette pépite — Rennes
Pour moi, un départ est totalement exclu. "Je n'ai aucune raison de me poser la question d'un départ". Je vais essayer d'être prêt le plus rapidement possible pour aider l'équipe.
1/13/2021

Rebel Wilson reveals she was kidnapped at gun Point
The Australian native went on to describe the scene in details, saying: "They took us to a house in the middle of nowhere". Wilson then said her survival instincts kicked in and she wanted to protect the other women who were also held captive.
1/13/2021

Les nominations des Victoires de la musique 2021
Les 36èmes Victoires de la Musique se tiendront le 12 février sur France 2 et France Inter. Les catégories viennent d'être annoncées.
1/13/2021