Shares of French supermarket owner Carrefour stumbled on Thursday, losing gains after France’s finance minister opposed a foreign takeover proposal. Carrefour CA, -6.36% shares fell 6% in the first shares, after rising 13% when Canadian Alimentation Couche-Tard ATD.B, -10.19% said it was in the early stages of the acquisition negotiations.
Carrefour shares fall due to French resistance to Canadian acquisition plan
French Finance Minister Bruno Le Maire said in a television interview that the country’s “food sovereignty” was at stake. He said “at first glance” that he was not in favor of the deal. European stocks advanced more overall, with the Stoxx Europe 600 SXXP, + 0.44% rising 0.4% and the French CAC 40 PX1, + 0.35% modestly higher despite Carrefour’s slide. Dow Jones YM00 industrial average futures, + 0.32%, rose 106 points. The gains came after CNN reported that President-elect Joe Biden, who will speak in Wilmington, Delaware, on Thursday, will outline a $ 2 trillion proposal that will include more direct payments to American families and significant state and local funding. . The CNN report raised the US Treasury yield to 10 years. The United States abandoned the idea of forcing US investors to ditch Chinese internet giants Alibaba BABA, + 4.30%, and Tencent 700, + 5.62%. Investment group Prosus PRX, + 4.70%, which owns about a third of Tencent, gained 4% in Amsterdam. Renault RNO, -1.83% traded lower as the French automaker presented its strategic plan called “Renaulution” to boost profitability. It plans to increase its presence in Latin America and India, launch at least 10 new electric vehicles and develop “new profit pools of data, mobility and energy related services.