Alimentation Couche-Tard Inc. (TSX:ATD.B) is exploring a takeover of Carrefour SA (ENXTPA:CA) in a roughly $20 billion deal that would create a trans-Atlantic retail giant. Couche-Tard's initial proposal values the French company at about €20 per share, people with knowledge of the matter said. Couche-Tard confirmed on January 12, 2021 that it has started “exploratory discussions” on a friendly deal with Carrefour.

There's no certainty the talks will lead to a transaction, the Quebec-based company said. Both parties see room for negotiation on the final price, according to people familiar with the situation.