TOKYO, March 19 (Reuters) - Alimentation Couche-Tard ( ANCTF )
CEO Alex Miller said on Wednesday no non-disclosure
agreement had been signed over potential stores needed to be
sold by the Canadian company and Japan's Seven & i ( SVNDF ) to meet U.S.
antitrust conditions for a deal.
Earlier in the day, a Seven & i ( SVNDF ) spokesperson said
the companies had signed NDAs in early March and only cover
stores that are likely divestiture candidates.
"We have not signed an NDA with Seven & i ( SVNDF ). We are working
with Seven & i ( SVNDF ) together around a marketing package of what a
divestment would look like in the United States," Miller said in
a post-earnings call.
"That marketing program has begun, and there are NDAs being
signed by potential buyers in that process," he added.
Seven & i ( SVNDF ) and Couche-Tard said last week that they were
working together on sounding out buyers.
Couche-Tard submitted a $47 billion buyout offer for Seven &
i ( SVNDF ) last year, but the operator of the 7-Eleven convenience store
chain has resisted signing an NDA and offering due diligence on
its entire business, citing antitrust hurdles in the U.S.
Quebec-based Couche-Tard has said signing a full NDA would
allow it to make an enhanced offer. However, Seven & i ( SVNDF ) has said
they must first find a credible buyer for 2,000 or more stores
in the U.S., or there would be an unacceptable risk should the
deal be blocked.
In early March, the Canadian company said it could sweeten
its $47 billion bid if the Japanese firm cooperates and also
signaled that it remained confident about overcoming antitrust
concerns.
(Reporting by Anton Bridge and Ritsuko Shimizu in Tokyo and
Ananya Mariam Rajesh in Bengaluru; Editing by Mark Potter and
Sriraj Kalluvila)