CARREFOUR REJECTS OFFER THAT AUCHAN WILL TAKE CONTROL OF, ECHOS REPORTS
PARIS (Reuters) – Carrefour has refused to take over Auchan due to the complexity of valuing its competitor’s shares, Les Echos reported on Sunday.
Le Figaro also reported a day earlier that Carrefour had decided to suspend talks with Auchan in order to possibly merge the two distribution groups.
In the latest version of the project, the Mulliez family, Auchan’s largest shareholder, would make an offer for public exchange at a price of 21.50 euros per share, of which more than 70% in cash and slightly less than 30% in Auchan shares, according to Les Echos.
The proposed offer was worth Carrefour at 16.5 billion euros, while the distributor was finally worth 12.6 billion on Friday, with a headline of about 16 euros, the economic daily specifies.
Carrefour CEO Alexandra Bompard “would have difficulty estimating the value of the property of an unlisted family group,” according to newspapers that did not cite sources.
This offer is slightly higher than the offer of Alimentation Couche-Tard, which offered 20 euros per share last January. However, the Canadian distributor gave up its purchase project despite opposition from the French government.
Auchan declined to comment, while Carrefour could not be reached immediately.