"Season 1 is over, it's time for season 2." After the categorical refusal displayed by Bruno Le Maire, Minister of the Economy, to authorize a sale of the leader of large-scale distribution in France to the Canadian Couche-Tard, Carrefour should announce in the coming hours that the discussions are continuing.
No longer a question of capitalistic merger, but "a sharing of experience and cooperation on very industrial and operational subjects," said the head office of the French leader in mass distribution.
“Couche-Tard is one of the world leaders in the sale of fuel and its expertise can be invaluable to us.
And our know-how in the food industry, and in particular retailer brands, is of great interest to them, ”continues a representative of Carrefour management.
An organized leak?
But the three days of passing arms with Bercy, from Wednesday to Friday, have left their mark.
On the side of the French group, we deplore the speed of the reaction of Bruno Le Maire who did not allow to deepen the discussions with the Canadian fiancé.
The executives of Couche-Tard, which had sent a letter of intent to Carrefour on January 1, came to discuss it face to face on the 8, before returning to Canada.
A new round of discussions was scheduled for Wednesday 13. "On this kind of file, there are crucial points to be explored in more detail on jobs, governance, synergies to know if we can go further," specifies one of the actors in the file.
But there it was not possible.
"
The leak of the financial agency Bloomberg, on the night of Tuesday to Wednesday, lit the fuse in France.
In the staffs of the two groups, it is emphasized that neither had any interest in spreading the word about the deal at this stage, in an insistent "follow my gaze" towards the Ministry of the Economy.
At the end of the day on Wednesday, Bruno Le Maire, invited from “C à vous” to talk about his book “The Angel and the Beast” (Ed. Gallimard), explains that he “is not in favor of such a operation ”, highlighting the fact that Carrefour is the leading private employer in France and that this merger threatens France's food sovereignty.
Cold snap on Franco-Canadian relations
Rebelote on BFMTV, Friday morning.
Bruno Le Maire opposes “a courteous but clear and definitive no” to Couche-Tard's offer.
At the same time, the group's founder, Alain Bouchard, landed in Paris.
A first meeting gathered 11 am, this Friday morning, in Bercy, the representatives of Couche-Tard already in France and the director of cabinet of Bruno Le Maire.
At 4 p.m., the latter received Alain Bouchard.
But the interview only lasted "a quarter of an hour," says the Canadian side, quite surprised at this lack of courtesy.
“Bouchard left disappointed.
He is a respected business leader.
No one deserves to be treated like this.
"
In Canada, the position of the French government has thrown a chill when the railway manufacturer Bombardier has just been bought by Alstom.
The Minister of the Economy of Quebec, Pierre Fitzgibbon, had explained Thursday evening that "Couche-Tard could be a good owner".
And Canadian Prime Minister Justin Trudeau, without commenting on the operation, clarified that his government's role was to support his country's businesses, "including when they were looking to expand globally."
Couche-Tard is Canada's leading grocery chain, with 16,000 stores in 25 countries.
Reuters / Christinne Muschi
It is an understatement to say that the argument of a threat to France's food sovereignty in the event of a Carrefour takeover, put forward by Bercy, was little appreciated on the other side of the Atlantic.
The Ministry of the Economy denies any embryonic diplomatic crisis with Canada.
"Bruno Le Maire called his Quebec counterpart at the end of the day on Friday and the interview went very well", we are told.
While driving the nail on the crucial role of Carrefour in the hexagonal food industry.
“How can we not imagine that the fact that a player who weighs 20% of the distribution sector passes under a foreign flag is not likely to destabilize the sector?
"We plead in the entourage of the minister, stressing that during the wishes to the economic world, this Friday morning, Christiane Lambert, patron of the FNSEA, first agricultural union of France," thanked the minister ".
"Get to know each other better" by the time of the presidential election
Bercy also sweeps away the risk that this decision poses to foreign investments.
"France is the leading country in Europe in this field and this place, it owes it to the action of the current government", recalls the cabinet of Bruno Le Maire.
Newsletter It pays me
The newsletter that improves your purchasing power
Subscribe to the newsletterAll newsletters
Carrefour and Couche-Tard have taken note of the government's red light. “Neither the Canadians, nor we want to pass in force,” confirms the French side. It is therefore time for "a more operational phase of cooperation which will allow us to get to know each other better and to see if that makes sense". But no question of giving up therefore, even if a buyback, even partial, is no longer on the agenda ... In any case, in the eighteen months to come. "We understood that there was a limit with the next presidential deadlines? "
