Canadian convenience-store operator Alimentation Couche-Tard Inc said on Tuesday it has initiated exploratory discussions with Europe’s biggest retailer, Carrefour SA, regarding a potential transaction.
There is no certainty at this stage that these discussions will result in any agreement or transaction, Couche-Tard said in a statement.
As of Tuesday, Carrefour has a market capitalization of 12.64 billion euros ($15.43 billion) and Couche-Tard’s market capitalization was $37 billion.
Extended work-from-home policies and a resurgence in coronavirus cases in several countries have led shoppers to stock their pantries and avoid dining out or ordering in.
In a separate statement, Carrefour acknowledged Couche-Tard’s approach to discuss a combination.
Bloomberg News reported earlier that Couche-Tard has made an initial approach to Carrefour, and a deal could help Couche-Tard diversify into the supermarket business and expand its presence in Europe. (bloom.bg/3buwHC9)
In Europe, Couche-Tard operates a broad retail network across Scandinavia, Ireland, Poland, the Baltics and Russia through 10 units.
Couche-Tard entered the Asian market in November through a deal to buy Convenience Retail Asia Ltd’s Hong Kong unit for HK$2.79 billion ($359.80 million).
