Auchan not planning hostile bid after Carrefour ends talks -Les Echos By Reuters

© Reuters. FILE PHOTO: The brand of French retailer Carrefour on buying trolleys in Sao Paulo, Brazil, July 18, 2017. REUTERS/Paulo Whitaker

PARIS (Reuters) – Auchan doesn’t plan to make a hostile transfer for Carrefour (PA:) after the latter broke off talks over a tie-up between the 2 French retail teams, enterprise each day Les Echos mentioned on Sunday.

Le Figaro, one other French each 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 modern proposal by Auchan beneath which it could have probably 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 supply value 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)

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