France opposes foreign takeover offer for supermarket chain

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

PARIS — 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.

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.”

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