Seven & i exploring partial sale of Seven Bank holding, says Bloomberg
03/10/2024 10:45
TOKYO, Oct 3 (Reuters) - Japan's Seven & i 3382.T
Holdings is considering selling down part of its holding in
Seven Bank 8410.T to show it is willing to focus on its core
convenience store business, Bloomberg reported on Thursday,
citing people with knowledge of the matter.
If the stake were sold down, the group's banking arm would
no longer be counted as a consolidated subsidiary, Bloomberg
reported.
The parent company of the 7-Eleven convenience store chain
has been under pressure from activist investor ValueAct Capital
in recent years to improve its asset allocation and has sold
down its stakes in other lower-performing assets.
Last month the group rejected an offer from Canada's
Alimentation Couche-Tard ATD.TO that would have been the
largest corporate foreign buyout of a Japanese company.
(Reporting by Anton Bridge; editing by Jason Neely)
((Anton.Bridge@thomsonreuters.com;))