Japan's retail giant Seven & i receives takeover offer from Canadian firm

Aug 19, 2024 | News On Japan

Aug 19, 2024 (NHK) - Japanese retail giant Seven & i Holdings says that it received a takeover offer from Canadian convenience-store operator Alimentation Couche-Tard.

Seven & i unveiled on Monday the proposal from the Canadian firm, whose business also includes gas station operations.

The Japanese retailer says it formed a special committee "comprised solely of independent outside directors" to review the proposal.

The firm says it intends to conduct "a prompt, careful and comprehensive review of the proposal" along with "other alternatives for enhancing corporate value" and then will make a response to the Canadian company.

Seven & i adds, at the moment it has not decided whether to accept or reject the proposal, or if it will enter into discussions with the Canadian firm.

Observers say, if the Canadian company ends up buying the entire Seven & i Holdings group, the purchase would likely require at least 5 trillion yen, or about 33.9 billion dollars.

Seven & i Holdings is in the process of restructuring. The group is considering listing shares in its supermarket business and focusing on its main convenience store operations.

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