By Dominique Vidalon

PARIS (Reuters), -French retail outlets Carrefour (PA:). Auchan and a source close to it said Monday that exploratory talks have been ended over possible partnerships. They also stated that potential equity deals had appeared too complicated in terms of structure and valuation.

Sources said that discussions started in spring. They covered various scenarios including equity tie ups, asset swaps, and technological partnerships.

At the moment, it wasn’t clear whether there were any potential to revive talks.

According to another source, Carrefour broke off talks, but Auchan (owned by the Mulliez family) did not intend to make hostile moves for its competitor.

Another source claimed that Auchan also offered Carrefour 21.50 Euros per share in the latest proposal, which was worth 16.8 Billion euros (19.4 Billion). The upside was more than 30% compared to its last share price. 70% could be paid in cash, 30% in future shares.

Carrefour indicated in June that they had begun to consider possible consolidation, divestitures and tie-ups for its foreign subsidiaries. However, it has not yet made a decision on whether or not to sell any of their assets.

Canada’s Alimentation Couche-Tard renounced its 16.2 Billion Euro ($19.6 Billion) offer for Carrefour, after France objected to the deal. The French government cited food security concerns as the reason.

Carrefour shares fell 0.03% to 16.02 euro at 0812 GMT.

Bernstein analyst said that there was potential to make further offers from Auchan.

($1 = 0.8648 euros)