French food retailer Auchan explored a deal with a blank-check company backed by telecoms mogul Xavier Niel and banker Matthieu Pigasse before a failed attempt to tie up with rival Carrefour, three sources familiar with the matter told Reuters.
Discussions between the billionaire Mulliez family, which owns Auchan, and 2MX Organic, which was launched in December and pioneered Europe’s market for SPACs, were held over the summer, the sources said.
A tie-up would have given Auchan a listing, providing a currency to do deals and generate funds to revamp its hypermarket-focused business. But it would have been a leap for 2MX Organic, which raised money from investors pledging to build a European champion in organic food. Read more.