(CercleFinance.com) – Invest Securities analysts are wondering this morning if Carrefour is condemned to ‘marry more or less fair’ with Auchan?
They believe that the eventuality becomes more likely, even if there are still many obstacles to preempt a quick outcome.
‘With the difficulty of correctly probing the eventuality of this merger, beyond a minimum of 1/3 of chances to integrate this scenario into a weighted OC which leads to a price of 19E, barely higher than the last price of action, we prefer to go for the status quo on our recommendation (neutral) and OC ‘.
‘From predator, Carrefour has turned into clearly identified prey since the attempt by Canadian Couche-tard a year ago. But what can motivate Auchan today to take over Carrefour, when the corporate culture of the northerner, like that of Carrefour, has only rarely given favor to major external growth operations? ? ‘says Invest Securities.
‘If the succession of the founder of Auchan is posed, which can indeed militate in favor of an evolutionary strategy, we have difficulty believing that Auchan is ready to assume such a risk without having an imperative necessity’ adds the analysis office.
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