France opposes international takeover provide for supermarket chain

PARIS (AP) — France’s governing administration states it opposes the proposed 16.2 billion-euro ($19.6 billion) takeover of French grocery store chain Carrefour by Canadian usefulness shop team Couche-Tard.

Labor Minister Elisabeth Borne mentioned Thursday on radio Europe 1 that she is “opposed to a takeover.” That follows related comments by Finance Minister Bruno Le Maire who discussed that the country’s “food sovereignty” is at stake.

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

Carrefour is Europe’s major retailer and the greatest private employer in France, with in excess of 105,000 workforce in the place.

Underneath French policies on controlling foreign expenditure, the government’s approval is needed in some strategic sectors, which consists of meals retail, Le Maire said.

Carrefour reported on Wednesday in a assertion that the Alimentation Couche-Tard team had approached it with a tie-up proposal and that talks are at an early phase.

Couche-Tard also confirmed it proposed an first “friendly combination” at the rate of 20 euros for every share but pressured “there is no certainty at this phase that these discussions will consequence in any settlement or transaction.”