© Reuters.
© Reuters.

TORONTO (Reuters) – Canada’s Industry Minister François-Philippe Champagne spoke to Alimentation Couche-Tard founder Alain Bouchard and assured him of support for Canadian businesses, after the company dropped plans to buy European retailer Carrefour SA (OTC:), the minister said in a tweet on Sunday.

Quebec-based convenience store operator Couche-Tard abandoned talks to buy Carrefour (PA:) for $20 billion after French Finance Minister Bruno Le Maire raised concerns about food and job security. Instead, the two companies decided to work on partnership opportunities, they said in a joint statement on Saturday.

Champagne said in his tweet that the government will support Canadian businesses “here and abroad,” adding the two-way trade benefits businesses both sides of the Atlantic.

Bouchard, a self-made billionaire, has taken Couche-Tard from just one store in 1980 to a global network of convenience stores and gas stations with a market value of $33 billion, with 66 acquisitions along the way.

France’s swift and firm rejection of the deal sparked a flurry of trans-Atlantic lobbying to salvage the transaction, but the companies ended their pursuit late on Friday. Le Maire reiterated his opposition without listening to the terms of the transaction, sources told Reuters on Friday, and said any such deal should not be revisited before France’s presidential elections in 2022.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)