Jan 15, 2021 - Economy

Operator of Circle K in standoff with France over $20 billion Carrefour takeover

circle k

Photo: Artur Widak/NurPhoto via Getty Images

Alimentation Couche-Tard (TSX: ATD), the Canadian operator of Circle K convenience stores, is running into French government opposition to its $20 billion takeover approach for supermarket operator Carrefour (Paris: PA).

Why it matters: Carrefour is France's largest private employer, with around 100,000 workers, and also its largest food retailer.

The bottom line: French government officials have signaled concerns about both labor protections and food security, with Finance Minister Bruno Le Maire saying: "The no is polite but it's a clear and final no."

  • Bloomberg, however, reports that the opposition could soften once it has a formal offer from Couche-Tard to examine and negotiate against.
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