By SHIKI IWASAWA/ Staff Writer
August 20, 2024 at 16:18 JST
A Seven & i sign in front of a Seven-Eleven convenience store (Asahi Shimbun file photo)
Japanese retail conglomerate Seven & i Holdings Co. said Aug. 19 that it is weighing an acquisition proposal from major Canadian convenience store operator Alimentation Couche-Tard Inc.
Seven & i said in a statement that it has formed a special committee comprising outside directors and headed by Stephen Hayes Dacus, the board’s chairman, to consider the proposal.
The statement said the committee intends to conduct a prompt, careful and comprehensive review of the bid, and will make a decision that reflects the best interests of shareholders and other stakeholders.
The company said it will decide whether to accept the proposal or begin discussions with Couche-Tard based on the committee’s review.
According to Couche-Tard’s website, it operates more than 16,700 stores and gas stations across about 30 countries and regions, including Europe.
Its revenues for the fiscal year ended in April 2024 totaled $69.2 billion (10 trillion yen).
Seven & i runs more than 21,000 7-Eleven convenience stores in Japan and over 80,000 stores worldwide. It reported 11.47 trillion yen in revenues for the fiscal year ended in February 2024.
Seven & i owns supermarket chain Ito-Yokado Co. and baby product retailer Akachan Honpo Co.
However, many of the company’s businesses outside of its core convenience store operations have been struggling, prompting the parent company to accelerate structural reforms in recent years.
In September 2023, Seven & i sold its department store, Sogo-Seibu Co., to a U.S.-based investment firm.
In April this year, the company indicated plans to sell shares of struggling Ito-Yokado, reduce its ownership stake and split it off from its consolidated subsidiaries.
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