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Japan says Seven & i now 'core' to national security
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Japan says Seven & i now 'core' to national security
Sep 14, 2024 5:34 AM

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.

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