France opposes overseas takeover give for supermarket chain

France’s authorities says it opposes the proposed 16.2 billion-euro (US$19.6 billion) takeover of French supermarket chain Carrefour by Canadian usefulness shop group Couche-Tard.

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

“I’m not in favour of such a deal,” Le Maire claimed on tv channel France 5 on Wednesday.

Carrefour is Europe’s biggest retailer and the biggest private employer in France, with above 105,000 workers in the place.

Under French regulations on controlling overseas expense, the government’s approval is necessary in some strategic sectors, which contains foodstuff retail, Le Maire reported.

Carrefour mentioned 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 preliminary “friendly blend” at the price tag of 20 euros for each share but stressed “there is no certainty at this phase that these conversations will end result in any agreement or transaction.”