Circle K’s parent company takeover of European retailer Carrefour scrapped

Circle K’s parent company takeover of European retailer Carrefour scrapped

January 18th: Canada’s Alimentation Couche-Tard and European retailer Carrefour have opted to work on partnership opportunities after takeover talks failed.

Circle K’s parent company had planned to take over the major European retailer, however now the Canadian Industry Minister  Francois Philipe Champagne has stepped in to offer support to Amimentation Couche-Tard founder Alain Bouchard, and assured him of full support for Canadian businesses.

Abandoned talks

Quebec based convenience store operator  Couche-Tard abandoned talks to buy Carrefour for 20 billion dollars after French finance minister Bruno Le Maire raised concerns about food and job security.

Bouchard, a self-made billionaire, has taken Couche-Tard from just one store in 1980 to a global network of convenience stores and forecourts worth 33 billion dollars – with 66 acquisitions made along the way.

Circle K has over 410 forecourts and convenience stores across Ireland, and is the largest fuel and convenience store operator in Ireland.

Partnership opportunities

Both companies involved Couche-Tard and Carrefour will now explore potential partnership and shared working opportunities.

Total buys a fifth of Indian green energy firm

Meanwhile, in other news, French oil and energy group Total has agreed to buy a 20 per cent minority stake in India’s Adani Green Energy Ltd (AGEL) from Adani Group, as Total builds up its presence in the renewable energy sector.

Total, which is aiming to reduce its dependence on oil and shift towards electricity and renewable energy, now has a seat on the AGEL board.