Investment

Couche-Tard Plans $3.6 Billion Investment in Target Carrefour – BNN

Published

4 years ago

January 15, 2021

(Bloomberg) — Alimentation Couche-Tard Inc. plans to pump 3 billion euros ($3.6 billion) into Carrefour SA as the Canadian convenience-store operator seeks to defuse mounting French political concerns over the proposed $20 billion takeover of the French retailer.

Couche-Tard plans to spend that amount over five years, prioritizing investment over cost cuts or job reductions, according to a person familiar with the situation who asked not to be identified because the information isn’t public.

Carrefour shares fell as much as 5.2% after French Finance Minister Bruno Le Maire said Friday that he was prepared to give a “clear and definitive no” to the deal. He previously cited concerns about a French supermarket chain falling into foreign hands, saying the country needs to maintain domestic control over its food supply.

Bloomberg reported Thursday that the finance ministry is ready to study the proposal once the Canadians officially present it, citing people familiar with the matter who didn’t want to be identified. They said President Emmanuel Macron’s administration plans to take as long as needed to assess its impact on jobs and the sector.

Carrefour employs around 100,000 people in France and is the country’s largest private employer. The company has been implementing a turnaround plan under Chief Executive Officer Alexandre Bompard that involves investments in online shopping and organic food. Analysts point to the absence of geographical overlap between the companies.

The investment plan was reported first by Les Echos, which is owned by Bernard Arnault’s LVMH. Arnault also controls a 5.5% stake in Carrefour.

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

6 days ago

October 16, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

2 weeks ago

October 11, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

Published

2 weeks ago

October 10, 2024

Anne Joseph

TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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