Casino Group rejected Carrefour’s merger offer. Credit: Junius.

French retailer Casino Group has confirmed that its board of directors unanimously decided to reject Carrefour’s approach to merge both the companies.

According to the company, Carrefour approached it over the last few days for a possible merger between the companies. Casino’s board of directors held a meeting on 23 September to discuss the offer.

In a statement, Casino Group said: “The board unanimously reiterated its entire confidence in Casino’s strategy for value creation based on its unique market positioning.

“Casino thus intends to take all necessary action to defend the group’s corporate interest, and its structural integrity, a key factor for the success of its strategy.

“The board of directors also acknowledged the barriers, in France and in Brazil, to a combination with Carrefour, especially in terms of competition and employment.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
“Casino thus intends to take all necessary action to defend the group’s corporate interest, and its structural integrity, a key factor for the success of its strategy.”

Casino also noted that the market for its securities has been subjected to coordinated downward speculative manipulations of an unprecedented scale for the past several months, which might be the reason to reject the offer.

In July this year, Casino formed an alliance with three major retailers Auchan Retail, Casino Group and Schiever Group to develop a new purchasing platform.

Called Horizon, the new purchasing platform is aimed to reduce transactional negotiations and introduce innovative, balanced negotiation types.

Auchan, Casino and Metro will offer international services to the suppliers and will assist SMEs in their international development under International SME.