Couche-Tard still eyes 'friendly' 7-Eleven takeover

TOKYO

Canadian retail giant Alimentation Couche-Tard (ACT) said on Feb. 28 that it remained interested in a "friendly" takeover of the Japanese owner of 7-Eleven after a rival buyout plan collapsed.

Seven & i, which operates some 85,000 convenience stores worldwide, last year rejected an ACT offer worth nearly $40 billion that would have been the biggest foreign buyout of a Japanese firm.

Even as ACT reportedly sweetened its bid, Seven & i said in November it was studying a counter-offer from its founding Ito family said to be worth around eight trillion yen ($54 billion).

But on Thursday Seven & i said it had been "notified that it has become difficult to procure the necessary funds for an official proposal about the acquisition."

"Couche-Tard remains committed to reaching a mutually agreeable transaction that benefits both companies' customers, employees, franchisees and shareholders, creating a global retail champion," an ACT spokesperson said.

"We look forward to working constructively with Seven & i to reach a friendly agreement."

ACT stressed that it would "maintain Seven & i's role as an important part of Japan's emergency response infrastructure", a key concern for the Japanese government.

The firm added that it intended to "successfully address" regulatory concerns about the takeover, which would create a global convenience store behemoth.