France’s Auchan was reportedly mulling a fresh bid for rival grocer Carrefour in order to face down competition from rivals Aldi and Lidl.
Bloomberg cited people familiar with the matter who said that Auchan had also talked with CVC Capital Partners regarding a possible joint bid.
A €16.6bn bid from Auchan had failed over autumn due to differences over price and deal structure, Bloomberg reported.
Auchan would reportedly need the backing of the Moulin family, the anchor shareholders in Carrefour, and of Brazilian retail tycoon Abilio Diniz.
Looming presidential elections in France were a factor to consider due to the job cuts that might result from a tie-up.
Shares of Carrefour closed up by 5.0% at €17.24, giving it a market capitalisation of approximately €13.52bn.
