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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

(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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