Couche-Tard’s Carrefour Grab Puzzles Holders Used to Patient M&A

Four months ago, Alain Bouchard gave an update to investors about Alimentation Couche-Tard Inc.’s hunt for a major acquisition. The convenience store chain was on the lookout for deals, he said, but not at any cost.

“As you know, Couche-Tard doesn’t seek to make a splash,” Bouchard, the executive chairman, said Sept. 16 during the Canadian company’s online annual meeting. “Up to now, our patience and rigor have served us well.”

He may not want a splash, but Bouchard’s company is making one with its $20 billion move for French grocer Carrefour SA. The acquisition would be about ...