TOKYO, Sept 13 (Reuters) - Japanese retail giant Seven &
i Holdings ( SVNDF ) has been classified as "core" to national
security, according to an updated finance ministry list released
on Friday.
The new classification comes a week after Seven & i ( SVNDF ) rejected
a $38.5 billion buyout offer from Canada's Alimentation
Couche-Tard ( ANCTF ). Couche-Tard is discussing potentially
raising its offer price, according to a Bloomberg report.
Seven & i ( SVNDF ) was among 88 companies newly added to a list of
companies deemed to have businesses core to national security.
The list generally spans companies in sectors such as nuclear
power, space and semiconductors.
Foreign entities face stricter requirements about notifying
the Japanese government in advance when attempting to acquire a
stake in a company with a business that has been classified as
"core" than they do when targeting companies with "non-core"
businesses.
The classification would, however, not change the level of
government scrutiny or the review process for any bid to acquire
an entire company, a ministry official said.
Seven & i ( SVNDF ) said its classification was not related to
Couche-Tard's buyout proposal.
The owner of 7-Eleven stores last week said Couche-Tard's
offer was not in the best interests of its shareholders and
could face antitrust challenges in the U.S., where the combined
company would be the biggest convenience store operator by a
considerable margin.