Summary of La Lettre – February 18, 2026
Auchan–Intermarché Deal: The Confidential Numbers The lead story reveals the detailed business plan behind Auchan's restructuring. 164 Auchan supermarkets will switch to Intermarché franchise, with 91 others potentially sold to the Mousquetaires group. Intermarché will pay €215 million as a franchise entry fee, and Auchan hopes to recover an additional €350 million from store sales. The Mulliez family group, burdened with ~€370 million in debt and a €1.3 billion net loss in 2024, desperately needs fresh cash. Under the business plan, the 164 stores should grow revenue from €1.9 billion to €2.2 billion by 2029, swinging EBITDA from -€14 million to +€27 million. Renovation costs are estimated at €240 million over four years, split between Auchan (€150 million) and Société Les Mousquetaires (€75 million).
Municipal Reform Report for Paris, Lyon, Marseille: Still Missing The government was due to deliver a report on redistributing powers between central and district city halls by February 11, but it still doesn't exist. The mission was just assigned to the IGA (Inspection Générale de l'Administration) on February 10, and no hearings have begun.
France's Contribution to Monaco's Budget Rising Again Monaco expects to receive ~€138 million from France in 2026 as TVA compensation, up 13% year-on-year. Deputies have questioned whether the calculation formula overvalues Monaco's share.
Campaign Sticker Ruling: Conseil d'État Overrules CNCCFP The Conseil d'État ruled on February 16 that window stickers on campaign offices do not constitute illegal campaign advertising, contradicting the CNCCFP's longstanding position — a significant decision ahead of municipal elections.
EU Critical Medicines Act: Brussels Adjusts Its Agenda Disagreements between the EU Council and Parliament have led to a restructured legislative timeline, with key articles on "Made in Europe" preferences and grouped procurement of critical medicines debated separately through March, targeting finalization by June 30.
Mediawan Under Labor Inspection Scrutiny Pierre-Antoine Capton's media group Mediawan was warned by labor inspectors over abusive use of dual short-term contracts at its subsidiary Maximal Productions (producing shows for France 5). Technicians were split across two employers for the same work, circumventing collective bargaining agreements. A previous attempt to restructure via subsidiary FCUBE was rejected by 90% of staff. Two technicians have taken the matter to labor court.