Merger would create global food and convenience retail giant of over 26,000 stores
Convenience store retailer Alimentation Couche-Tard, operator of Circle K stores, has begun talks to acquire global food retailer Carrefour Group in a deal estimated at more than $20 billion (U.S.).
Laval, Quebec-based Couche-Tard today confirmed that it has submitted a nonbinding offer to Carrefour for a “friendly combination” at a price of €20.00 ($24.31 U.S. and $30.86 Canadian) per Carrefour share. The announcement came a day after Couche-Tard said it had initiated “exploratory discussions” with Carrefour regarding a “potential friendly transaction.”
“The terms of the transaction are under discussion and remain subject to diligence, but the consideration is currently expected to be in cash in large majority,” Couche-Tard said in a statement on Wednesday. “There can be no certainty at this stage that these discussions will result in any agreement or transaction. In consi