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Couche-Tard persistent on pursuing deal with Japan's Seven & i, CEO says
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Couche-Tard persistent on pursuing deal with Japan's Seven & i, CEO says
Nov 26, 2024 6:49 AM

Nov 26 (Reuters) - Alimentation Couche-Tard ( ANCTF ) CEO

Alex Miller said on Tuesday the Canadian retailer would remain

persistent in its efforts to pursue a deal with Japan's Seven &

i ( SVNDF ) and continue a "friendly approach" with the 7-Eleven

operator.

Couche-Tard had first approached Seven & i ( SVNDF ) in August for the

largest-ever foreign buyout of a Japanese company. It had

offered $38.5 billion, but raised it to $47 billion after Seven

& i ( SVNDF ) rejected the initial bid.

Miller's remarks echo Couche-Tard's chairman and co-founder

Alain Bouchard's comments about not considering a hostile

takeover bid for Seven & i ( SVNDF ) from an interview with Japanese media

conducted in Canada last week.

"We continue to see a strong opportunity to grow together

... We also remain confident in our ability to finance and

complete this combination," Miller said on a post-earnings call.

The Japanese company, which is reviewing the latest offer

from Couche-Tard, had earlier said the deal was not in the best

interest of shareholders and also raised concerns about

potential antitrust challenges in the United States.

Earlier this month, Seven & i ( SVNDF ) also received a potential $58

billion white-knight bid from a member of its founding Ito

family.

The offer from Ito-Kogyo, a company linked to Vice President

Junro Ito and a top shareholder in Seven & i ( SVNDF ), was being reviewed

by the same special committee set up to assess Couche-Tard's

takeover bid.

(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by

Shinjini Ganguli)

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