Carrefour Stocks Fell Sharply After the Negotiations

Negotiations were held for the Canadian grocery group Couche-Tard to buy Carrefour based in France. Carrefour stocks fell sharply after the negotiations. The company's shares fell 7.6 percent after the French Ministry of Finance opposed the Canadian grocery group Couche-Tard's offer to buy the French retail giant Carrefour at a cost of $ 20 billion. The stocks were traded at 15.64 euros, losing 5.8 percent at 9:07 am on Paris time. This drop was recorded as the biggest intraday drop since March 12. Rival Casino shares and its parent partner Rallye also suffered losses. Casino shares fell 1.7 percent, while Rallye lost 0.9 percent. Barsclays analyst Nicolas Champ said: “The French government may have been concerned that the merger would negatively affect Carrefour employees and suppliers.” Speaking on Friday, French Finance Minister Bruno Le Maire stated that he was absolutely against this acquisition.