The French government reacted sharply to the possibility of taking over Carrefour

The French government reacted sharply to the possibility of taking over Carrefour

The French Government has taken a firm stand against any takeover of the French retail chain Carrefour by a foreign company. This suggests that the Canadian company Alimentation Couche-Tard's bid to take over Carrefour for about $ 20 billion (€ 16.5 billion) has little chance of success. Shares of Carrefour responded by a decline of about two percent. As French Finance Minister Bruno Le Maire told Reuters, the government will do everything in its power to maintain food security. "If Carrefour were bought by a foreign company, it would be a big problem for all of us," Le Maire said, adding that food security was key. Carrefour, which controls about one-fifth of the French food market, has played a significant role in the smooth food supply since the new coronavirus pandemic. In addition, the Canadian company's offer for the largest retail chain in Europe is of interest to the French government because Carrefour is one of the largest employers in the country. Labor Minister Élisabeth Borne has already stated that she opposes the possible conclusion of an agreement between the companies. However, a source close to Carrefour said that the reaction of the French finance minister surprised the company. "We are surprised by such a quick response, as the negotiations are only preliminary," the source said. The French government reacted sharply in a similar case as early as 2005, when there was speculation that the American beverage company PepsiCo could take over the French food group Danone. Since then, France has tightened merger and acquisition rules to protect companies that are considered strategic.