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Seven & i considers selling down supermarket stake ahead of IPO, sources say
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Seven & i considers selling down supermarket stake ahead of IPO, sources say
Oct 4, 2024 2:51 AM

TOKYO, Oct 4 (Reuters) - Japan's Seven & i Holdings ( SVNDF )

is considering selling a stake in its supermarket unit

ahead of a planned listing of the business, two sources said, as

the 7-Eleven owner aims to speed up an overhaul after rejecting

a takeover from Alimentation Couche-Tard ( ANCTF ).

Neither the timeline of the potential sale nor the size of

the stake were immediately clear. Seven & i ( SVNDF ) was considering

selling to an investor such as a fund, said the sources, both of

whom had knowledge of the matter, but declined to be identified

because the information has not been made public.

The unit includes the Ito-Yokado supermarket chain, one of

Japan's best-known grocery store businesses.

Seven & i ( SVNDF ) last month rejected a buyout offer from Canada's

Alimentation Couche-Tard ( ANCTF ) saying the price was too low. The

Japanese company in April said it was considering listing the

supermarket business as early as the 2027 financial year.

The sale will allow Seven & i ( SVNDF ) to both accelerate its

overhaul of the supermarket business and free up resources to

better focus on the core convenience store unit, one of the

sources said.

A Seven & i ( SVNDF ) spokesperson said the information was not

something released by the company and nothing had been decided

at this time.

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