After encountering strong resistance from the government of France, Alimentation Couche-Tard has scrapped an approximately $20 billion effort to buy Carrefour SA, Reuters reported. Alimentation Couche-Tard said in a statement that “preliminary discussions around a transaction” were “no longer continuing.” However, the companies opted to extend their talks to look at partnerships, according to the statement.
Some of the possible collaboration efforts involve teaming up on private labels and pooling buying volumes, among others.
“The discussed areas for cooperation align with our five-year strategic plan, as well as our commitment to strengthening our core convenience and fuel business and pursuing opportunities in multiple, related growth platforms,” Couche-Tard President and CEO Brian Hannasch said in the statement.
Carrefour Chairman and CEO Alexandre Bompard said that developing “innovative” collaborations is an essential part of the company’s “transformation strategy.”Pymnts