The Financial Post reports in its Friday edition that
Couche-Tard said several potential buyers have made proposals to acquire convenience stores in the United States that overlap with Seven & i Holdings, showing progress toward a deal that could help the Canadian retailer win regulatory approval for its proposal to buy its Japanese rival.
A Bloomberg dispatch to the Post says the two agreed earlier this year to discuss the potential divestment of more than 2,000 stores in the U.S. and seek out interested parties in order to address concerns by Seven & i over a merger being blocked by U.S. regulators. Couche-Tard also pushed back against any parallels to the failed $24.6-billion (U.S.) merger of U.S. grocery chains Kroger and Albertsons.
Seven & i, which operates 7-Eleven, Speedway and Sunoco stores, has pushed back against Couche-Tard's 7.39 trillion yen ($51.3-billion (U.S.)) takeover proposal and is overhauling its business under new chief executive officer Stephen Dacus in response. Despite the resistance, Couche-Tard, owner of the Circle K chain, has advanced discussions by securing a non-disclosure agreement two months ago to gain access to financial information and potentially raise its bid.
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