Alimentation Couche-Tard, a Canadian company that owns Circle K convenience stores, has made a bid to acquire Seven & I Holdings, the operator of 7-Eleven in Japan. This potential acquisition would be the biggest foreign takeover of a Japanese company on record. Seven & I Holdings has confirmed that they have received the offer and have formed a special committee to evaluate the proposal. No decision has been made yet, and the committee plans to thoroughly review the proposal, Seven & I’s stand-alone plans, and other alternatives for enhancing corporate value before responding to Couche-Tard.
The details of the financial offer were not disclosed, and CNN has reached out to Couche-Tard for comment. Following the announcement of the potential takeover bid, shares of Seven & I closed almost 23% higher in Tokyo, increasing the company’s market value to over $38 billion. This suggests that the deal value could exceed any other foreign-led takeover in Japan since data collection began in 1995. The bid comes at a time when the Japanese government has made it harder for companies to ignore unsolicited offers, with changes to corporate takeover guidelines expected to increase foreign investment in the country.
If the acquisition is successful, it will significantly expand Couche-Tard’s presence in North America and Europe, where it already operates convenience stores and fuel retailers. The Canadian company has made several acquisitions over the past decade, but this takeover bid would be their largest one to date. 7-Eleven, which was founded in the United States, has grown into a global brand under the leadership of the late Japanese entrepreneur Masatoshi Ito. 7-Eleven operates over 83,000 stores worldwide, including the Speedway chain of gas stations in the US, which was acquired from Marathon Petroleum in 2021, further strengthening their presence in North America.
This potential deal comes over three years after Couche-Tard’s unsuccessful attempt to acquire the Carrefour supermarket chain in 2021, which was blocked by the French government. The acquisition of 7-Eleven would be a significant strategic move for Couche-Tard, allowing them to further expand their global footprint and diversify their operations. It remains to be seen how Seven & I Holdings will respond to the proposal and whether the acquisition will receive regulatory approval. The outcome of this potential deal could have far-reaching implications for both companies and the broader landscape of foreign investment in Japan.
