(Reuters) – Alimentation Couche-Tard in Canada and European retailer Carrefour USA have decided to work on partnership opportunities after takeover talks failed, the two companies said in a joint statement Saturday.
Couche-Tard dropped the 16.2 billion ($ 19.57 billion) bid for Carrefour after the French government opposed the deal, citing concerns over food security.
The decision to end union talks came after a meeting on Friday between French Finance Minister Bruno Le Maire and Couche-Tard founder and chairman Alain Bouchard.
“Food security is strategic for our country so that’s why we don’t sell French wholesalers. My answer is very clear: We do not want the deal. It’s awkward but it’s clear and final, ”said Le Maire.
The Canadian company had submitted a non-binding offer letter earlier this month to buy a European wholesale giant at a price of 20 euros per share.
The companies said they have decided to extend their talks to explore opportunities for sharing practices on fuel purchasing, participation on private labels and distribution in overlapping networks.
“The areas discussed for collaboration align with our five-year strategic plan, as well as our commitment to strengthening our core resource and fuel industry and seeking opportunities in it. the many connected growth platforms, ”said Couche-Tard CEO Brian Hannasch.
BFM TV announced earlier on Saturday that the companies operating on the basis of “business collaborations” could allow them to overcome the beast of the French government that ended the contract.
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Reporting by Ann Maria Shibu in Bengaluru; Edited by Frances Kerry and Louise Heavens