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  • France's latest takeover defense looks misguided.


  • Bruno Lemaire, the finance minister of France, has said that he is opposed to a $20 billion takeover off Car four by Canada's Coast Art.


  • So what's the problem?


  • Well, according to the mayor, it all comes down to jobs and food sovereignty.


  • So let's start off with jobs in a big $20 billion takeover like this.


  • The bigger party in this case could start, might be looking at Car four in order to push through so called synergies.


  • This'll often leads to job cuts, but this is a very unusual situation.


  • There's very little overlap in the businesses of Custard, which specializes in petrol station convenience stores, and Car four, which specializes in huge big supermarkets that are often seen throughout France.

    專做加油站便利店的Custard和專做大型大型超市的Car four在業務上幾乎沒有重合,在法國各地經常可以看到。

  • So when it comes to food, sovereignty or supply chains, that is a more understandable concern.


  • During the pandemic, we saw empty shelves and low supplies of things like toilet paper and baby formula.


  • So it's understandable that a French finance minister would want to make sure that there are no shortages or that a company like Car four would be sure to use local suppliers to support the French economy, but he doesn't need to block the deal outright in order to achieve that.


  • If Emmanuel Macron's government were to introduce a law that meant that all supermarkets, not just Car four had to source a certain percentage of their goods locally, that may make all the difference.


  • Andi Custard could offer another promise to not cut any jobs.


  • But there is another interesting element of this deal.


  • Although the mayor is draping the tri color over Car four as a big French business, less than half of car force revenues last year came from France.


  • It's one of the biggest cash and carry operators in Brazil.


  • So while worrying about supply chains and jobs is understandable, he seems to be targeting the wrong enemy.


France's latest takeover defense looks misguided.


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