French Finance Minister Bruno Le Maire said on Friday that he opposes Couche-Tard's efforts to acquire grocery giant Carrefour in a potential $25 billion deal, citing the country's food security concerns.
Following the minister's statements, Couche-Tard's effort to acquire Carrefour appears to be hindered by the government, pushing Carrefour's shares down further to under € 20 per share.
The Quebec retailer could not be immediately reached for comment over the minister's objections.
Meantime, Canadian multinational operator of convenience stores "Couche-Tard" shares recovered some of their recent losses, rising 4.7% or $ 1.71 to hit $ 38.00 in early trading.
France's concerns are consistent with the government's previous stance on the Pepsi-Danone deal in 2005 and with strict conditions imposed on GE's acquisition of the energy business at Alstom," said RBC Dominion Securities Analyst Irene Nattel.
Couche-Tard's deal caught industry analysts by surprise, who questioned the strategic relation between the convenience store chain and France's largest private sector chain "Carrefour".
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