Canada's Alimentation Couche-Tard has sounded out Japan's Seven & i about a potential takeover, the two companies said on Monday, making the 7-Eleven owner the largest-ever Japanese target of a foreign buyout.
While the value of the offer has not been disclosed, the bid is the latest example of the growing interest in Japanese companies by Western investors, who have been drawn by the country's push for better governance.
It also turns a spotlight on a retail chain that, while founded in the North America, has become something of a cultural force under its Japanese parent. Unlike some U.S. convenience stores, Japanese "konbini" are closer to small supermarkets, stocking everything from fresh food to toiletries and clothing.
News of the deal sent shares of Seven & i surging by almost 23% in Tokyo, valuing the retailer at around 5.6 trillion yen ($38 billion). Couche-Tard, which operates Circle-K convenience stores, is valued at roughly $58 billion.
Original story Canada's Couche-Tard makes preliminary takeover bid for Japan's Seven & i | Reuters
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