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France is opposing any takeover of retailer Carrefour by a foreign company to preserve its food security and sovereignty, said French Finance Minister Bruno Le Maire.
According to Maire, the acquisition by a foreign company of Carrefour would be a major difficulty for France.
Carrefour, which operates roughly a fifth of France’s grocery market, ensures smooth food supplies during the COVID-19 pandemic.
Canadian convenience-store operator Alimentation Couche-Tard is making a $20 billion bid on Carrefour, continental Europe’s largest retailer.
Carrefour's possible acquisition by a foreign group raises other political concerns since the supermarket group is one of France’s biggest employers.
After a 17 percent increase on Wednesday, shares in Carrefour fell 1.7 percent on Thursday as the French government expressed opposition to the deal.
Many saw little potential for cost savings for Couche-Tard, which focused on gas stations in North America, in acquiring Carrefour.
