Seven & i Holdings plans to sell partial stake in Seven Bank to Itochu, Nikkei says (updated)

Seven & I Holdings Co

20/05/2025 07:09

Adds details, background, updates share price

TOKYO, May 20 (Reuters) -
Japan's Seven & i Holdings 3382.T plans to sell a partial stake in Seven Bank 8410.T to trading house Itochu 8001.T, with an announcement expected as early as May 30, the Nikkei business reported on Tuesday.

Seven & i will initially discuss with Itochu the transfer of a stake of about 10% in Seven Bank, worth about 30 billion yen  ($208 million), held by its group's supermarket operators Ito-Yokado and York Benimaru, the Nikkei reported.

Seven & i is aiming to focus on its core convenience store business as it faces a
takeover proposal
 from Canada's Alimentation Couche-Tard ATD.TO.

Seven Bank shares rose more than 8% following the report. A Seven & i spokesperson said he could not immediately comment.

Details such as the size of the stake and price are to be announced in June, according to the Nikkei.

        ($1 = 144.4500 yen)

 (Reporting by Kaori Kaneko
Editing by Chang-Ran Kim)

 ((kaori.kaneko@thomsonreuters.com;))