(Reuters) – Canada’s Alimentation Couche-Tard and European retailer Carrefour SA (OTC:) have decided to work on partnership opportunities after takeover talks failed, the two companies said in a joint statement on Saturday.
Couche-Tard dropped its 16.2 billion euro ($19.57 billion) bid for Carrefour (PA:) after the French government opposed the deal, citing food security concerns.
The Canadian firm had submitted a non-binding offer letter earlier this month to buy European retail giant at a price of 20 euros per share.
The companies said they have decided to extend their discussions to examine opportunities for sharing practices on fuel, pooling purchasing volumes and partnering on private labels.
“The discussed areas for cooperation align with our five-year strategic plan, as well as our commitment to strengthening our core convenience and fuel business and pursuing opportunities in multiple,related growth platforms,” Couche-Tard Chief Executive Brian Hannasch said.
BFM TV reported earlier on Saturday that the companies working on the basis of “industrial cooperations” might enable them to bypass a French government veto that ended the deal.
($1 = 0.8280 euros)
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Be the first to comment