sunny.png
Friday March 5th, 2021 2:20PM

France opposes foreign takeover offer for supermarket chain

By The Associated Press

PARIS (AP) — France's government says it opposes the proposed 16.2 billion-euro ($19.6 billion) takeover of French supermarket chain Carrefour by Canadian convenience store group Couche-Tard.

Labor Minister Elisabeth Borne said Thursday on radio Europe 1 that she is “opposed to a takeover." That follows similar comments by Finance Minister Bruno Le Maire who explained that the country's “food sovereignty” is at stake.

“I’m not in favor of such a deal,” Le Maire said on television channel France 5 on Wednesday.

Carrefour is Europe’s biggest retailer and the biggest private employer in France, with over 105,000 employees in the country.

Under French rules on controlling foreign investment, the government’s approval is required in some strategic sectors, which includes food retail, Le Maire said.

Carrefour said on Wednesday in a statement that the Alimentation Couche-Tard group had approached it with a tie-up proposal and that talks are at an early stage.

Couche-Tard also confirmed it proposed an initial “friendly combination” at the price of 20 euros per share but stressed “there is no certainty at this stage that these discussions will result in any agreement or transaction.”

  • Associated Categories: Associated Press (AP), AP Business
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
WhatsApp growth slumps as rivals Signal, Telegram rise
Encrypted messaging apps Signal and Telegram are seeing huge upticks in downloads from Apple and Google's app stores, while WhatsApp's growth is on the decline following a privacy fiasco where the company was forced to clarify a message it sent to users
4:47AM ( 12 minutes ago )
Cafe, croissant, worms? EU agency says worms safe to eat
The vaunted Mediterranean diet and French gastronomy are getting some competition: The European food safety agency says worms are safe to eat
4:41AM ( 19 minutes ago )
'Not worth my life': Ugandans vote in tense election
Long lines of Ugandans are voting in a presidential election tainted by widespread violence that some fear could escalate as security forces try to stop supporters of leading opposition challenger Bobi Wine from monitoring polling stations
4:27AM ( 32 minutes ago )
Associated Press (AP)
The Latest: Turkey starts vaccinations with China's Sinovac
Turkey has become the latest country to roll out its COVID-19 vaccination program, starting with health care workers in hospitals across the country
3:54AM ( 1 hour ago )
The Latest: Germany records highest single-day death toll
Germany’s disease control agency has reported the highest single-day death toll from COVID-19
3:49AM ( 1 hour ago )
'At 6 p.m., life stops': Europe uses curfews to fight virus
Trying to fend off the need for a third nationwide lockdown that would further dent Europe’s second-largest economy and endanger more jobs, France is instead opting for creeping curfews
3:42AM ( 1 hour ago )
AP Business
WhatsApp growth slumps as rivals Signal, Telegram rise
Encrypted messaging apps Signal and Telegram are seeing huge upticks in downloads from Apple and Google's app stores, while WhatsApp's growth is on the decline following a privacy fiasco where the company was forced to clarify a message it sent to users
4:47AM ( 12 minutes ago )
Cafe, croissant, worms? EU agency says worms safe to eat
The vaunted Mediterranean diet and French gastronomy are getting some competition: The European food safety agency says worms are safe to eat
4:41AM ( 19 minutes ago )
'Not worth my life': Ugandans vote in tense election
Long lines of Ugandans are voting in a presidential election tainted by widespread violence that some fear could escalate as security forces try to stop supporters of leading opposition challenger Bobi Wine from monitoring polling stations
4:27AM ( 32 minutes ago )
WHO team arrives in Wuhan to investigate pandemic origins
A global team of researchers has arrived in the Chinese city where the coronavirus pandemic was first detected to investigate its origins amid uncertainty about whether Beijing might try to prevent embarrassing discoveries
4:22AM ( 38 minutes ago )
German economy shrank 5% in pandemic year 2020
The German economy shrank by 5% in the pandemic year 2020
4:21AM ( 38 minutes ago )