Carrefourís Latest Deal Miss Shows Consolidation Is Hard
∑ French tie-ups proving difficult ahead of 2022 elections
∑ Supermarket ownership is also a challenge: Bryan Garnier
By Angelina Rascouet, Bloomberg
October 11, 2021
Itís been a tough year for Alexandre Bompard. Attempts by the Carrefour SA boss to create a supermarket champion in France are proving elusive.
Talks on a deal to tie up the publicly listed grocer with privately held rival Auchan have failed, Bloomberg reported over the weekend. The two sides were discussing a 16.6 billion-euro ($19 billion) combination that would have seen the Mulliez family, the owners of Auchan, hold a majority stake in a combined entity. Disagreements over the deal structure proved too hard to overcome, people familiar with the situation said.
Carrefour shares were little changed early Monday.
The talks collapsed less than a year after Carrefour explored a sale to Canadaís Alimentation Couche-Tard Inc. That transaction failed after the government intervened to prevent a foreign buyer from snapping up the biggest private employer in France, the year before crucial presidential elections scheduled for April 2022...
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