Couche-Tard ends $47b bid for Seven & i

It cited refusal by Seven & i to engage constructively.

Canadian convenience store giant Alimentation Couche-Tard has dropped its $47b offer to buy Seven & i Holdings, Reuters reported.

The company accused the Tokyo-based retailer of refusing to engage constructively in negotiations.

"There has been no sincere or constructive engagement from 7&i that would facilitate the advancement of any proposal, contrary to comments made publicly by 7&i representatives," Couche-Tard said in a letter to its board of directors.

"Rather, you have engaged in a calculated campaign of obfuscation and delay, to the great detriment of 7&i and its shareholders," it said.

The move ends what could have been the biggest foreign takeover of a Japanese company. Couche-Tard, owner of Circle K, had hoped to merge with 7-Eleven’s parent to form a global convenience store giant.

Seven & i said it was disappointed and disagreed with Couche-Tard’s statements.

The Tokyo Stock Exchange suspended trading in Seven & i shares pending confirmation of the news.

Couche-Tard had initially offered $38.5b in October 2024 before raising its bid to $47b. It also indicated willingness to improve the offer further if Seven & i provided more financial transparency and cooperated on due diligence.

The Canadian retailer said a non-disclosure agreement was signed, but access to management and internal data remained minimal.

The company also explored alternative structures, including acquiring all of Seven & i’s international operations and a 40% stake in its Japanese business.

However, it said the absence of genuine cooperation made those options unviable.