The Canadian group Couche-Tard, famous for its (failed) takeover bid for Carrefour in 2021, is now setting its sights on Japanese convenience store chain 7-Eleven.
“Very early stage”
In a press release, owner Seven&i Holdings confirmed that it had received a takeover bid from Alimentation Couche-Tard. The Japanese company did not say how high the bid was, only that the talks were still at a very early stage and that a special committee would now examine the bid. After news of the bid became known, Seven&i’s share price immediately rose sharply. As a result, the company now has a valuation of 35 billion euros, whereas the Canadians are worth 53 billion.
7-Eleven currently has around 85,000 stores in twenty countries, making it the largest retail chain in the world. In the United States and Canada alone, the convenience chain has more than 13,000 stores. However, since Couche-Tard also owns around 9,000 stores in that area, it is not certain if the competition authorities will allow the takeover to happen, the Financial Times writes.
In January 2021, Couche-Tard surprised the retail world with a takeover bid for Carrefour, but a protectionist reflex in the French government made the Canadians abandon their plans. A French deal that did happen was the acquisition of TotalEnergies’ petrol stations, which Couche-Tard is currently turning into its own Circle K brand.
