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Seven & i seeks 'core' tag in Japan amid Couche-Tard deal talks, Bloomberg News says
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Seven & i seeks 'core' tag in Japan amid Couche-Tard deal talks, Bloomberg News says
Aug 29, 2024 2:44 AM

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.

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