French Minister Opposes $20 Billion Canadian Offer for Carrefour

French Finance Minister - Bruno Le Maire has shown clear opposition to a possible $20 billion takeover of Carrefour by Canada's Alimentation Couche-Tard on Friday, driving French retailer's shares down by 4.5%.

"Food security is strategic for our country so that's why we don't sell a big French retailer. My answer is extremely clear: we are not in favour of the deal. The no is polite but it's a clear and final no”, Le Maire commented.

Truth is, Alimentation Couche-Tard's 20 euros per share offer for Carrefour raises many more political considerations, as Carrefour is France's biggest private-sector employer. The Carrefour CFDT union have already expressed concern as to the offer, fearing for jobs and future management of the retailer. 

UBS analysts said Carrefour shares were now pricing a low 20% probability of the deal.

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