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Japan's Seven & i to bundle non-core assets into holding company, as Couche-Tard looms
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Japan's Seven & i to bundle non-core assets into holding company, as Couche-Tard looms
Oct 10, 2024 10:45 PM

TOKYO, Oct 10 (Reuters) - Japan's Seven & i Holdings ( SVNDF )

will set up a holding company for its non-core assets

to bring in outside investment and is planning to change its

name, the retailer said on Thursday.

The announcement marks an acceleration in its plans to boost

corporate value and focus on its core convenience store business

in part to resist a takeover bid by Canada's Alimentation

Couche-Tard ( ANCTF ) .

The operator of 7-Eleven convenience stores - numbering over

80,000 worldwide - has been under pressure from investors to

divest from its large portfolio of peripheral businesses.

The new company would contain a total of 31 subsidiaries,

including the group's superstores business, general goods store

Loft, baby goods store Akachan Honpo and the operating company

of Denny's restaurants in Japan, Seven & i's ( SVNDF ) presentation said.

ACT has upped the ante following its initial bid in August

with a revised offer that values Seven & i ( SVNDF ) at $47 billion, or

22% above its initial offer, two sources said on Wednesday.

(Reporting by Anton Bridge; Editing by Christian Schmollinger

and Muralikumar Anantharaman)

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