Circle K owner in talks to buy Carrefour for about $20 billion: Report

Alimentation Couche-Tard, the convenience-store giant that owns the Circle K chain, said it’s exploring a transaction with French grocer Carrefour SA, a deal that would represent a major strategy shift for the Canadian firm.

 

Couche-Tard said Tuesday it has started “exploratory discussions” on a friendly deal with Carrefour, confirming an earlier Bloomberg News report. There’s no certainty the talks will lead to a transaction, the Quebec-based company said.

 

Shares of Carrefour have risen 10 per cent in Paris trading this year, giving the company a market capitalisation of €12.6 billion at Tuesday’s close. Couche-Tard shares slipped 2.2 per cent after the initial Bloomberg report, closing at $41.31 in Toronto to value the company at almost $36 billion. Representatives for Carrefour couldn’t immediately be reached for comment.