Canadian group Alimentation Couche-Tard has withdrawn its takeover bid for Japanese Seven & i Holdings, known for convenience store chain 7-Eleven, due to a “lack of constructive cooperation”.
No mega deal
In August last year, a mega deal still seemed to be in the making, after Couche-Tard, known in the Benelux for the petrol shop formula Cirkcle K, made a bid for the owner of 7-Eleven. With a takeover amount of about 44 billion euros, it would have been the largest foreign takeover of a Japanese company ever. But the Canadians have now called off the transaction: in a letter, they state that the Japanese retailer did not want to cooperate constructively in the deal and even accuse the company of delaying.
