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Jan. 18, 2021, 1:31 a.m. EST

Carrefour, Couche-Tard end tie-up talks

By Joshua Kirby

Carrefour SA and Alimentation Couche-Tard Inc. have called off talks over a potential takeover, though will look into potential cooperation in some areas, the two companies have said.

Couche-Tard, a Canadian convenience-store operator, last week made a preliminary offer for the French grocer, valuing it at just over 16 billion euros ($19.33 billion). In a joint release Saturday, the two companies said that "in light of recent events, these [talks] are no longer continuing."

Following last week's news, the French government said it would block any takeover, pointing to Carrefour's employee base in France and its importance to food distribution in the country.

Carrefour and Couche-Tard added that they were extending discussions over operational partnerships in areas such as purchasing volumes, private labels and optimizing distribution where their networks overlap.

Link to MarketWatch's Slice.