Aug 27 (Reuters) -
7-Eleven stores operator Seven & i ( SVNDF ) is seeking
designation as a "core" company in Japan to ensure sharper
government oversight on some purchases of its shares, Bloomberg
News said, amid takeover talks with Alimentation Couche-Tard ( ANCTF ).
The report cited people familiar with the matter and
said Japan's Ministry of Finance would have to thoroughly
investigate any entity which seeks to acquire more than 10% of a
company considered part of a core industry.
Seven & i Holdings ( SVNDF ) declined a Reuters request for comment.
Canada's Alimentation Couche-Tard ( ANCTF ) sounded out the
7-Eleven owner about a potential takeover last week, making it
the largest Japanese target of a foreign buyout.
Seven & i ( SVNDF ) formed a special committee to review the proposal,
but said last week no decision had been made by either the
committee or its board of directors.
It was not clear whether the ministry and other relevant
government agencies would approve Seven & i's ( SVNDF ) application to
become a core company under the Foreign Exchange and Foreign
Trade Act, the report said, adding that under the company's
current "non-core" status, a takeover effort would require
approval only after an agreed deal.