For the British bank, the merger between the two entities is justified in the face of financial difficulties faced by Jean-Charles Naouri, the main shareholder of Casino through a holding cascade, including the company Rallye.

In its note, Barclays supports its reasoning on the statements of the CEO of Carrefour, Alexandre Bompard, at the general meeting of shareholders in June, which anticipates a consolidation of the sector in the coming years.

Like Casino last September, Barclays raises the barriers in France and Brazil, in terms of competition and jobs. In France, the group holds 30% of the market and Brazil 50%. The competition authorities could, therefore, require the sale or closure of certain stores, the bank said. But it is expected to have a better strategy, in order to preserve the maximum of jobs and outlets.


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