Clement Genelot

CARREFOUR: Auchan not ready to give up consolidation dreams so easily | BUY | EUR20

Auchan not ready to give up consolidation dreams so easily

Auchan in negotiations to team up with PE funds for a new bid
From a bid of EUR21.5/share with 70% cash/30% shares…
…to a bid of EUR23.5/share with 100% cash?
No concrete announcements likely before May
Carrefour is definitively an M&A play for 2022: if not Auchan, maybe Couche-Tard or other PE funds
Carrefour SA

Carrefour is a distribution group based in France. Co. is engaged in retailing business, primarily in Europe (France, Belgium, Spain, Italy, Poland, and Romania); Asia (China, India, and Taiwan); and Latin America (Argentina and Brazil). Co. offers a variety of fresh produce, products from local suppliers and major-brand products. Co. operates Hypermarkets, Supermarkets, Convenience stores and Cash & Carry stores, as well as food and non-food e-commerce sites. Co. also offers services such as financial and insurance services, travel, entertainment, after-sales services, and leasing of commercial vehicles. As of Dec 31 2013 Co. operated 10,105 stores under its brand.

Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Clement Genelot

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