MONTREAL, Jan 18 (Reuters) - Couche-Tard would revive its spurned $20 billion bid for France's Carrefour SA if the Canadian convenience store operator saw a change in the French government's reaction to the proposal deal, its chief executive said on Monday.

"We'd love to do the transaction .... if we got signals that the environment could change or would change from the French government or other key stakeholders," Brian Hannasch told an analyst call.

"We'd love the opportunity to re-engage under the right conditions and assuming we haven't found another way to create more value for our shareholders."

Couche-Tard dropped its bid for the European retailer after the plan ran into stiff opposition from the French government. Some French politicians said the issue was a matter of national food safety.

Couche-Tard's bid for Carrefour, which Hannasch said would catapult the company into one of the top five retailers in the world, was the first time the company had zoned in on a specific target, despite previously looking into "adjacent retail." (Reporting by Allison Lampert in Montreal and Noor Zainab Hussain. Editing by Mark Potter)