Canada’s Alimentation Couche-Tard scrapped negotiations with Japans’s Seven & I.
Transcript:
CAROLINE WOODS: A massive global deal is off the table.
After almost a year of negotiating, the sale of 7-Eleven’s parent company has fallen through. Canadian retailer Alimentation Couche-Tard has pulled its $47 billion bid for Japan’s Seven & I.
In a letter to its board, Couche-Tard said:
“There has been no sincere or constructive engagement from 7&i that would facilitate the advancement of any proposal, contrary to comments made publicly by 7&i representatives.”
The company went on to accuse Seven & I of a “calculated campaign of obfuscation and delay.”
Seven & I responded that it was “disappointed, but not surprised” the offer was withdrawn.
Had it gone through, this would’ve been the largest foreign takeover of a Japanese company in history.
Seven & I operates more than 85,000 7-Eleven locations across the U.S. and Asia, with North America generating 75 percent of the company’s $81 billion annual revenue.
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