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The Japanese operator of 7-Eleven, the world’s biggest convenience store chain, has received a takeover approach from the Canadian retailer Alimentation Couche-Tard, which controls the Circle K brand.
The approach to Seven & i Holdings by Couche-Tard, which follows more than a year of on-off talks between the two retailers, is the biggest-ever takeover attempt to target a Japanese company.
In a statement Seven & i said it had set up a special committee of non-executive board directors to examine the proposal, which seeks to acquire all its outstanding shares.
Shares in Seven & i jumped almost 23 per cent on Monday afternoon, pushing the market capitalisation of the company to $39bn. News of the talks was first reported by Nikkei.
This is a developing story
