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Analysts have raised questions over the merits of Circle K owner Couche-Tard's proposed acquisition of France's biggest supermarket chain, Carrefour, for $24.35 a share mostly in cash.
According to Bank of America Merrill Lynch analysts Xavier Le Mené and Virginia Montorsi, they are unsure about the value creation due to the potential differences in geography and format between the two groups that would limit synergies from a potential merger
Clive Black, head of research at Shore Capital, said that the rationale would need to be explained for "a deal of this magnitude."
Carrefour has a market value of about $17.5 billion.
Couche-Tard's offer values Carrefour at $19.7 billion and represents 29 percent to its closing price on Tuesday.
The two groups are jointly worth more than $50 billion.
The Circle K owner said there was "no certainty" that it would close an agreement with Carrefour, who described the discussions as very preliminary.
Couche-Tard is the largest convenience store operator in Canada, employing 109,000 in North America, where it has more than 9,000 convenience stores, mostly attached to fuel stations.
The acquisition of Carrefour would expand Couche-Tard's presence in Europe, where it already has 2,700 outlets.
Carrefour is France's largest retailer and Europe's third-largest grocery c by market share. It has over 10,000 convenience stores, supermarkets, and hypermarkets across Europe and has a presence in Asia and South America.
