Alimentation Couche-Tard Inc., the Canadian owner of Circle K convenience stores, is exploring a takeover of French grocer Carrefour SA in a roughly $20 billion deal that would create a trans-Atlantic retail giant.
Couche-Tard’s initial proposal values the French company at about 20 euros per share, people with knowledge of the matter said. That would represent a roughly 29% premium to its Tuesday closing price.
Shares of Carrefour rose 14% in Paris on Wednesday, trading shy of 18 euros. Couche-Tard slipped 2.2% after a Bloomberg report on the talks, valuing the company at almost C$46 billion ($36 billion).
Couche-Tard confirmed Tuesday that it has started “exploratory discussions” on a friendly deal with Carrefour. There’s no certainty the talks will lead to a transaction, the Quebec-based company said. Both parties see room for negotiation on the final price, according to people familiar with the situation.
Couche-Tard’s focus has been convenience stores … Read More