Alimentation Couche-Tard Inc. has made a non-binding takeover offer for French-based grocery chain Carrefour SA worth about $25 billion.
The company confirmed it recently submitted a non-binding offer letter for a friendly deal at a price of 20 euros per Carrefour share.
Couche-Tard says the terms of the proposal are under discussion and remain subject to diligence, but the consideration is expected to be in cash in large majority.
It cautioned that there can be no certainty at this stage if the talks will result in a deal.
Founded more than 60 years ago, Carrefour operates nearly 13,000 hypermarkets, supermarkets and convenience stores in France, Spain, Italy, Belgium, Poland, Romania, Brazil, Argentina and Taiwan. The company released a simple statement in response to recent reports.
Couche-Tard operates convenience stores mostly under the Circle K brand in Canada, the United States and Europe. It recently took steps to expand into Asia.