The French government on Friday rejected a 'clear and final' veto on Couche-Tards proposed merger with French giant Carrefour and forced the Canadian group to withdraw its offer, according to the Bloomberg agency.
The decision to throw in the towel came after a meeting between French Economy Minister Bruno Le Maire and Couche-Tard founder Alain Bouchard, the agency said, citing sources familiar with the matter.
'My position is a polite no, but it is clear and final'
To reassure Bercy, Alain Bouchard had nonetheless promised billions in investments in Carrefour and pledged to maintain employment for two years and list the group on the Paris Stock Exchange alongside Canada, the agency said.
'My position is a polite no, but it is clear and final': the French Minister for Economic Affairs, Bruno Le Maire, quickly dampened the hopes of those in favor of the 'rapprochement' planned by Couche-Tard and Carrefour, declaring that 'we are not selling' the main French ones Dealer '.
All the more advised against taking a stand
When the government has the power to block buyouts in the food industry through foreign investment control regulations.