Newscasts - Canada's Couche-Tard drops $47 bln bid for Japan's 7-11 owner

Seven & I Holdings Co

17/07/2025 04:33

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Source: 'Reuters - Business videos'

Description: Canadian retailer Alimentation Couche-Tard said on Wednesday it was withdrawing its $47 billion takeover bid for Seven & i Holdings, citing a lack of constructive engagement by the Japanese retailer. Julian Satterthwaite reports.

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Video Transcript:

A battle for control of the Japanese firm that owns 7-Eleven is at an end. Canadian retailer Alimentation Couche-Tard says it has dropped its $47 billion bid for Seven & i. It cited a lack of constructive engagement by the firm as the reason. Seven & i shares plunged close to 10% in early trade Thursday following the news. The surprise move ends what would have been the largest-ever foreign takeover of a Japanese company. It was meant to create a global convenience store giant, combining 7-Eleven with Couche-Tard's own Circle K. The Canadian firm said directors at Seven & i had engaged in a campaign of obfuscation and delay. It said that had been to the great detriment of the Japanese company's shareholders. Seven & i responded that it was disappointed with Couche-Tard's decision and disagreed with some of the statements it made. The takeover had been seen as a test case for corporate Japan's willingness to entertain foreign bids. One analyst said it was very disappointing to see Seven & i so reluctant to consider the idea. Couche-Tard said in March that it was willing to increase its offer even further if the Japanese side would cooperate. Seven & i had proposed selling only its international operations to the Canadian bidder, in return for a stake in the firm. To appease shareholders unhappy with its performance, the 7-Eleven operator has promised a share buyback and the sale of some assets. It's also planning a share listing for its North American business.