MONTREAL • Corporate Quebec has shown no qualms in recent years tapping American executive talent to run its cherished enterprises. Tennessee native Hunter Harrison steered Canadian National Railway Co. Washington State-raised Robert Card was brought in to repair SNC-Lavalin Group Inc.
MONTREAL — It’s a little known fact about Alimentation Couche-Tard Inc. founder Alain Bouchard that he played drums in a teenage rock band covering Beatles and Rolling Stones hits. Less surprising may be that the budding entrepreneur paid for the band’s equipment himself — and was slowly reimbursed from the money they earned performing.
Canada’s convenience store king calls those his “rebellious” days, a period that came after the years of hardship his family endured when his father lost his income.
MONTREAL – Alimentation Couche-Tard Inc. founder Alain Bouchard is handing the chief executive torch to chief operating officer Brian Hannasch after turning a tiny Quebec convenience store operation into a powerhouse of global retailing.
Both the timing of the transition and the selection of Mr. Hannasch were expected as the American was widely seen as the heir apparent. Mr. Bouchard, who will become executive chairman, said last year that the company had a clear succession plan in place and that he would be switching roles as part of the change.
Part two of the public refinancing of the debt package put in place last year to allow Quebec-based Alimentation Couche-Tard to outlay US$2.8-billion to purchase Norway’s Statoil Fuel & Retail ASA played out Thursday.
MONTREAL — Supermarket chain Metro Inc. is selling nearly half of its 25-year investment in convenience store operator Alimentation Couche-Tard to three Canadian banks for $479-million.
The Montreal-based company announced Tuesday that it has agreed to sell 10 million Class B subordinate voting shares to BMO Nesbitt Burns, National Bank Financial and TD Securities for $47.90 per share.
The sale to be completed within three days represents about 7.2% of Couche-Tard’s (TSX:ATD.B) outstanding B shares, which closed down 30 cents to $48.98 in Tuesday trading.
MONTREAL — Alimentation Couche-Tard Inc. is quietly moving to franchise an unknown number of its owl-logoed convenience stores in Quebec as it stares down an effort by organized labour to unionize its network in the province.
MONTREAL — Metro Inc. is launching a share buy back program in the wake of selling a large stake in its 25-year investment in Alimentation Couche-Tard.
The grocer says it intends to buy up to 2 million common shares from arm’s-length, third-party sellers at a discount to the market price at the time it buys the stock.
There has been speculation over how Metro would use the estimated $380-million in net proceeds from the sale of nearly half its stake in convenience store operator Couche-Tard.
After extending the deadline of its original offer Tuesday, Canadian convenience store operator Alimentation Couche-Tard has increased its takeover offer for Casey's General Stores (NASDAQ: CASY) to $38.50 per share in cash, or approximately $2 billion.