Canadian retail giant makes bid to acquire 7-Eleven operator
Alimentation Couche-Tard, owner of Circle K, has made a move to acquire Japan's Seven & i Holdings, potentially creating one of the world's largest retail groups
Print22 August 2024
A major Canadian convenience store company, Alimentation Couche-Tard, has made a bid to purchase Seven & i Holdings, the Japanese operator of 7-Eleven stores.
This potential acquisition could create one of the largest retail groups globally, according to The New York Times.
While the exact details of the offer, including the financials, haven’t been revealed, Seven & i has formed a special committee of independent directors to evaluate the proposal.
Alimentation Couche-Tard, which runs more than 16,000 stores under the Couche-Tard and Circle K brands across North America and Europe, aims to buy all of Seven & i’s shares.
Given that Seven & i has a market value exceeding $38 billion (€34.1 billion), this could become the biggest foreign-led takeover of a Japanese company if it proceeds.
This takeover attempt might test Japan’s recent reforms, which encourage companies to seriously consider legitimate takeover offers, a shift from Japan’s traditional resistance to foreign bids.
Shares of Seven & i jumped by more than 22% in response to the news, though the outcome of the offer remains uncertain as analysts await more information.
Read more: Circle K Ireland appoints Cora Lyons as new people director
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