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Japan finance minister says Seven & i's new 'core' tag doesn't raise bar for buyout
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Japan finance minister says Seven & i's new 'core' tag doesn't raise bar for buyout
Sep 16, 2024 7:40 PM

TOKYO, Sept 17 (Reuters) - Finance Minister Shunichi

Suzuki said on Tuesday that Japanese retail giant Seven & i

Holdings' ( SVNDF ) new status as a company "core" to national

security would not raise additional hurdles to a potential

buyout.

Seven & i ( SVNDF ), the owner of 7-Eleven convenience stores which

recently rejected a $38.5 billion buyout offer from Canada's

Alimentation Couche-Tard ( ANCTF ), was among 88 companies newly

added to the list last week.

When a company is categorised as core, foreign entities

seeking to buy a stake of 1% or more in a Japanese firm must in

principle file for a national security review with the Japanese

government prior to the purchase.

In cases where control is sought, however, Suzuki said prior

notification for a review is mandatory "regardless of whether

they are categorised as core or non-core."

"We can't say the core classification makes a buyout more

difficult," he added.

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