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Auchan not planning hostile bid after Carrefour ends talks -Les Echos By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: Carrefour’s logo on shopping trolleys at Sao Paulo in Brazil, July 18, 2017 REUTERS/Paulo Whitaker

PARIS (Reuters – Auchan doesn’t plan to make a hostile movement for Carrefour (PA) After talks broke down between them over a tie up between two French retail companies, Les Echos, a business newspaper said Sunday.

Le Figaro was another French daily that reported Saturday that Carrefour ended discussions with Auchan, after ruling a deal to be too complex.

Les Echos, like Le Figaro, cited Auchan’s latest proposal to acquire Carrefour. It would cost 21.50 Euros ($24.90 per share) and include about 70% cash as well as 30% of Auchan shares.

According to Auchan, the proposal was higher than the 20 euro bid made in January by Alimentation Couche-Tard for Carrefour. In the face of French opposition, Auchan’s offer for 16 billion euros was dropped by the Canadian retailer.

Carrefour shares ended Friday closing at 16.03 euro

Auchan did not respond to our request for comment. Carrefour was unavailable at the time.

($1 = 0.8634 euros)

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