LAVAL, Que. – Alimentation Couche–Tard Inc. and the French grocer it was courting say they have abandoned takeover talks but will consider future operational partnerships.
The Laval-based convenience store chain and Carrefour SA issued a joint statement saying they recently discussed a possible deal, but are no longer continuing with those conversations after recent events.
French finance minister Bruno Le Maire told Couche-Tard founder Alain Boucher on Friday in Paris that he refused to let a potential $ 25-billion takeover proceed because he felt the deal would put food security at stake.
Now Couche-Tard and Carrefour say they will look at how they can collaborate around fuel, purchasing volumes and private labels.
They will also examine partnerships that use innovation to enhance the customer experience and optimize product distribution across their overlapping networks.
If Couche-Tard’s friendly takeover attempt had been approved, the Quebec company would have taken control of a fifth of France’s groceries market and strengthened its international presence.
This report by The Canadian Press was first published Jan. 16, 2021.
Companies in this story: (TSX:ATD)