(Bloomberg) - Seven & i Holdings Inc., operator of 7-Eleven convenience stores, received a takeover proposal from Canadian convenience store giant Alimentation Couche-Tard in what could be the largest-ever foreign acquisition by a Japanese company.
Seven & i, which is owned by the descendants of Masatoshi Ito, the late founder of 7-Eleven Japan, disclosed on Monday that it had received a non-binding acquisition proposal from Alimentation Couche-Tard. Couche-Tard, the parent company of Circle K, confirmed that it had made the "friendly" offer.
If Couche-Tard were to acquire 100 per cent of Seven & i Holdings, the deal would cost at least 5 trillion yen (S $44.7 billion) and would be the largest foreign takeover of a Japanese company in history, Nikkei Asia reported.
According to a 2016 interview with The Globe and Mail, Couche-Tard co-founder Alain Bouchard made a takeover offer to ITO in 2005, but ITO felt the two companies had to strengthen their position in the U.S. market before considering a merger. So the offer was dropped.
Recently, the British government, in accordance with the "Steel Industry (Nationalization) Act" that came into effect on July 16th, took the British Steel Company, which is controlled by China Jiefang Group, into state ownership without compensation.
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