Auchan not planning hostile bid after Carrefour ends talks -Les Echos
The emblem of French retailer Carrefour on procuring trolleys in Sao Paulo, Brazil, July 18, 2017. REUTERS/Paulo Whitaker
PARIS, Oct 10 (Reuters) – Auchan doesn’t plan to make a hostile transfer for Carrefour after the latter broke off talks over a tie-up between the 2 French retail teams, enterprise every day Les Echos stated on Sunday.
Le Figaro, one other French every day, had reported on Saturday that Carrefour determined to finish discussions with Auchan after judging a possible deal as too complicated.
Like Le Figaro, Les Echos cited a contemporary proposal by Auchan beneath which it will have doubtlessly acquired Carrefour for 21.50 euros ($24.90) per share in a proposal consisting of about 70% in money and a few 30% in Auchan shares.
Auchan’s reported proposal is greater than a 20 euro per share bid for Carrefour made by Alimentation Couche-Tard in January. The Canadian retailer dropped its provide price about 16 billion euros within the face of opposition from the French authorities.
Carrefour shares closed at 16.03 euros on Friday.
Auchan declined to remark, whereas Carrefour couldn’t be instantly reached.
($1 = 0.8634 euros)
Reporting by Gus Trompiz, Enhancing by Rosalba O’Brien
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