Publishing date: Jan 13, 2021 • January 13, 2021 • 4 minute read •
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(Bloomberg) — A Canadian convenience-store operator is daring to go where foreign buyers often fail, offering $20 billion for French retailer Carrefour SA.
Alimentation Couche-Tard Inc. proposed buying the French company for 20 euros a share, confirming an earlier Bloomberg report. That represents a roughly 29% premium to its closing price Tuesday. Terms are under discussion, but payment is expected to be largely in cash, the Quebec-based retailer said.
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Couche-Tard Carrefour Bid Challenges French Takeover Hurdles Back to video
The bid faces a number of challenges, not least France’s sometimes frosty reaction to takeovers of its blue-chip companies. Carrefour is the country’s largest private employer, making the approach potentially sensitive at a time when the Covid crisis has thrust jobs to the top of the political agenda.