In trying to get their hands on Carrefour, the Quebec group Couche Tard took the calculated risk of encountering the veto of Bercy. Indeed, French regulations on the control of foreign investments provide that the government can oppose the takeover of a company operating in a sector considered strategic for France.

« The production, processing and distribution of agricultural products, when these contribute to national food security goals, were incorporated by decree in the list of protected sectors in December 2019, in the same way as the written press or certain technologies », Indicates Pierre Mudet.

« The Quebec company can still try to convince the government by highlighting the economic advantages of such an operation for its target.or even, as a last resort, by providing guarantees so that Carrefour's operational room for maneuver and assets, as well as employment, are preserved, ”considers Pierre Mudet.

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Pierre Mudet


Pierre Mudet works mainly in the areas of stock market law, mergers and acquisitions and company law with clients of listed and unlisted companies in the context of national and international transactions.

He advises industrial groups, banks, investment funds and innovative companies in the new technologies sector.