The Canadian supermarket Giant Couche-Tard has withdrawn its $ 47 billion takeover for the Seven & I companies from Japan, with reference to a lack of genuine involvement. | Photocredit: Jessica Dinapoli/Reuters
The Canadian retailer Alimentation Couche-Tard said on Wednesday that it was $ 47 billion takeover bid for Seven & I Holdings, with reference to a lack of constructive involvement by the Japanese retailer.
The surprise movement marks the collapse of what could have been the largest foreign acquisition of a Japanese company, because Circle K-Operator Couche-Tard wanted to create a global supermarket giant by acquiring the company behind 7-Eleven.
“There has been no sincere or constructive involvement of 7 & I that would facilitate the progress of a proposal, in contrast to comments made publicly by 7 & I representatives,” said Couche-Tard in a letter to the Board of Directors.
“On the contrary, you have entered into a calculated campaign of embezzlement and delay, compared to the big disadvantage of 7 & I and its shareholders,” the letter said.
Seven and I said it was disappointed about the decision of Couche-Tard and did not agree with some statements from the Canadian group.
Seven & I has been seen as a test case for the willingness of the company in Japan to entertain foreign takeover areas, whereby the recording came after Nippon Steel was able to acquire American steel in a transaction of $ 14.9 billion.
The Tokyo Stock Exchange has suspended the trade in Seven & I shares pending the verification of media reports on the withdrawal of Couche-Tard’s proposal.
“We are very disappointed in what seems to be a lack of willingness to participate from 7 & I,” said Manoj Jain, co-founder and Co-Cio of Maso Capital in Hong Kong.
“We believe that considerable value must be achieved in a combination and have expressed this vision for management and the board.”
Couche-Tard increased its offer to $ 47 billion of $ 38.5 billion in October last year and offered in March to further increase it if the Japanese company had more financial information at work and revealed more financial information.
It also worked with Seven & I on a store sales plan, in an attempt to illuminate some regulatory obstacles.
The approach of Couche-Tard seemed to collect steam after a white bid of $ 58 billion from Seven & I’s Founding Ito family ended after not receiving financing.
Couche-Tard said it had tried to talk to the family, but thought they were not willing to go.
The two companies have a non-public accounting agreement (NDA), but “the quantity and content of the permitted due diligence, including on two tightly limited management meetings, are negligible,” said Couche-Tard in the letter.
Couche-Tard said it believed that a complete combination of the two companies would maximize the value for shareholders, but also investigated alternatives.
The retailer said it had offered to acquire all things of 7 and I outside of Japan and 40% of the company in Japan, where convenience stores are seen as an important infrastructure because of their support role during natural disasters.
“We are unable to effectively pursue this combination without deeper and genuine further involvement of 7 & i Leadership and the special committee,” the letter said.
Seven & I suggested selling his international activities to Couche-Tard in exchange for an interest in the Canadian retailer, according to the letter.
Such a deal “would not deliver the important premium offered to your shareholders in our transaction proposals,” the letter said.
Seven & I are under intense pressure to improve moderate income and to show that it can grow independently.
The company has announced a stock buying, sells non-core assets and plans to sum up its North American convenience shop companies.
Published on July 17, 2025
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