|
"Food security is strategic for our country so that's why we
don't sell a big French retailer," Le Maire told BFM TV. "My
answer is extremely clear: we are not in favour of the deal. The
no is polite but it's a clear and final no," he said.
Carrefour, which acknowledged Couche-Tard's approach to discuss
a combination on Wednesday, had no immediate comment on Friday.
Convenience-store operator Alimentation Couche-Tard's 20 euros
per share offer for Carrefour - continental Europe's largest
retailer - also raises other political considerations, as
Carrefour is France's biggest private-sector employer.
Carrefour CFDT union representative Sylvain Mace told BFM
business that staff were "surprised and a bit worried" by the
offer, which raised concerns over jobs and the future management
of the French retailer.
If Le Maire's opposition to the approach is to protect jobs, "it
is a positive signal", Mace said.
UBS analysts said Carrefour shares were now pricing a low 20%
probability of a deal happening.
"Clearly the forceful commentary from the French government
suggests they can block the deal. Further, given this was a
'friendly' approach we doubt Couche-Tard or indeed Carrefour
would challenge this directly," they wrote.
Separately, Credit rating agency Moody's said Couche-Tard's
offer for Carrefour would be at about 6.8 times enterprise value
to adjusted EBITDA, which was "consistent" with Couche-Tard's
other large acquisitions in the past.
(Reporting by Dominique Vidalon and Benoit Van Overstraeten;
Editing by Jason Neely and Pravin Char)
[© 2021 Thomson Reuters. All rights
reserved.] Copyright 2021 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
