Seven & I exploring cutting Seven Bank holding to 38%, Bloomberg says
06/11/2024 10:26
TOKYO, Nov 6 (Reuters) - Japan's Seven & I Holdings
3382.T is considering reducing its holding in its listed
banking arm, Seven Bank 8410.T , by selling the shares held by
two of its supermarket subsidiaries, Bloomberg news reported on
Wednesday.
The two supermarket subsidiaries - Ito-Yokado and York
Benimaru - collectively hold 7.8% of Seven Bank's shares, which
if sold would leave the group with the 38.4% stake still held by
its domestic convenience store arm, LSEG data shows.
Seven & I is looking at selling off the Seven Bank shares to
38% by February 2025, Bloomberg said, quoting multiple sources.
Seven & I was not available for comment outside of working
hours.
The global retail group is the target of a buyout by
Canadian competitor Alimentation Couche-Tard ATD.TO and has
accelerated plans to dispose of non-core assets in a bid to
improve corporate value.
Last month Seven & I announced a company reorganisation to
separate its convenience store business from its vast network of
non-core holdings.
(Reporting by Anton Bridge; Editing by Elaine Hardcastle)
((Anton.Bridge@thomsonreuters.com;))