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Couche-Tard CEO says no NDA signed with Seven & i on potential store divestments
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Couche-Tard CEO says no NDA signed with Seven & i on potential store divestments
Mar 19, 2025 6:47 AM

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)

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