Couche-Tard and Carrefour: clear and definitive refusal of the French government

Sylvie Claire / January 15, 2021

The French government clearly and definitively rejects the rapprochement between the French retail groups Carrefour and Canadian Couche-Tard, said Friday the French Minister of Economy Bruno Le Maire.

My position is a courteous no, but clear and definitive, insisted the minister during an interview with the media BFMTV and RMC, after indicating Wednesday that he was not a priori in favor of such an operation in the name of food security of the French.

This health crisis has taught us one thing: that food security is priceless, Bruno Le Maire defended, referring to the role of mass distribution during the first confinement to ensure the supply of French people.

Food safety is strategic for our country and therefore we do not give up one of the major French retailers, he said, adding that Carrefour is the largest private employer in France with nearly 100,000 employees and that the group represents nearly 20% of food distribution in our country.

To oppose this takeover, the government can rely on the regulations on the control of foreign investment, which allows it to block takeover operations in the food industry.

We have the legal instrument at our disposal, I prefer not to have to use it, but the Ministry of Economy will activate it if necessary, said the Mayor.