Supermarket retailer Casino has prompted a big mystery in France after announcing it had rejected a merger approach from Carrefour, only for Carrefour to deny making any such offer, Bloomberg reported.
Casino, the fourth-largest grocer in the country, stated it had been contacted by Carrefour, the second-largest player, in recent days over a possible merger, but noted regulatory hurdles to any such deal given their market strength.
In a statement, Casino announced its board of directors had met on Sunday, September 23, and “unanimously decided to reject Carrefour’s approach.”
“The board unanimously reiterated its entire confidence in Casino’s strategy for value creation based on its unique market positioning,” Casino stated.
Full Content: Bloomberg