09:01 AM EDT, 10/07/2024 (MT Newswires) -- A senior executive at Quebec's public pension manager said the fund will likely provide financial backing to Alimentation Couche-Tard Inc. ( ANCTF ) if it moves ahead with a takeover bid for Seven & i Holdings Co., the parent of the 7-Eleven chain, Bloomberg News reported overnight Sunday

"Couche-Tard knows that we will always accompany them in these endeavors if necessary," Vincent Delisle, head of liquid markets at Caisse de Depot et Placement du Quebec, said in an interview.

But the terms of any potential deal are still very unclear, he added. "We lack so many numbers."

Bloomberg noted that Couche-Tard, the Canadian company that owns Circle K and other convenience store and gas station brands, made an approach to Seven & i that valued it at about $39 billion. The Japanese retailer turned it down, saying the proposal wasn't good enough to "engage in substantive discussions."

Bloomberg News reported on Sept. 11 that Couche-Tard is considering improving its offer, but publicly it has made no movement. In the meantime, Seven & i has approached potential buyers for its Ito-Yokado stores and supermarkets as it seeks to restructure, according to people familiar with the matter.

CDPQ is one of Couche-Tard's largest shareholders, and the stock is one of its most important holdings -- it's a 3.5% stake in the company, worth C$2.4 billion.

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