Is a union between two distributors, one French, the other Canadian, still possible?
The CEO of Canadian Couche-Tard said Monday that he would be ready to attempt a new rapprochement with Carrefour if the situation evolves favorably in France, two days after the announcement of the interruption of negotiations following a veto from Paris.
“
We would like to make this transaction,
” said Canadian distributor president and CEO Brian Hannasch during a conference call with analysts.
Read also: The challenges of Carrefour after the veto on the takeover by Couche-Tard
"
So if we received signals that the environment could change or would change from the French government or other key players, we would like to have the opportunity to re-engage in good conditions,
" he said. he declares.
And that "
assuming we haven't found another way to create more value for our shareholders,
" he said.
"
We will stay tuned and we will see what will happen, but for the moment, it is definitively closed
", he nevertheless recalled after the "
courteous, but clear and definitive
" no to an expressed rapprochement by the French Minister of the Economy, Bruno Le Maire.
After the French veto, the two groups agreed on Saturday to continue their discussions on possible "
operational partnerships
", as in the distribution of fuel or joint purchase.
"
I think we embarked on this adventure with our eyes wide open knowing that it was a risk,
" admitted Mr. Hannasch.
The French government opposed the operation on the grounds that France's “
food security
” “
is priceless,
” as Le Maire said.
"
The pandemic has highlighted the issue of food security, particularly in France,
" conceded the CEO of Couche-Tard.
“
So it's hard to say if that will change over time.
We will continue to monitor the situation, but for the time being, while respecting the position of the French government, we are acting accordingly,
”he said.
And in the short term, Couche-Tard could embark on a share buyback program to increase the returns of its shareholders, he added.
Read also: Carrefour: a politically motivated veto that undermines the confidence of economic circles
On the Toronto Stock Exchange, the Couche-Tard action picked up a little on Monday, appreciating 1.9% in the first transactions, to 38.71 Canadian dollars (25.11 euros).
But it remained at a lower price than before the announcement of an operation on Carrefour last week.
