Seven & i, Couche-Tard sign non-disclosure pact over takeover talks
Seven & I's logo is seen at its 7-Eleven convenience store in Tokyo.
Seven & i Holdings Co and Alimentation Couche-Tard Inc said Thursday they have signed a non-disclosure agreement to facilitate the exchange of information as the Canadian retailer seeks to acquire the Japanese firm.
The agreement, considered a prerequisite for friendly talks, suggests progress in Couche-Tard's buyout proposal, although the operator of the 7-Eleven convenience store chain is still looking at the option of pursuing growth on its own.
The provisions include the Canadian firm, operator of the Circle K convenience stores, not conducting a hostile takeover.
"The execution of the (non-disclosure agreement) is a positive step in the constructive engagement process with" Couche-Tard, said Paul Yonamine, the chair of the Japanese company's special committee looking into the takeover proposal.
"We remain committed to pursuing two parallel paths to ensure that value for shareholders and other stakeholders is maximized," Yonamine said, referring to the acquisition offer and the go-it-alone plan.
Couche-Tard also released a statement, saying, "There can be no assurance that these discussions will result in a transaction."
"We look forward to working collaboratively with Seven & i in the interests of all stakeholders," CEO Alex Miller said.
Seven & i said in August 2024 that it had received a takeover proposal from Couche-Tard, with the offer currently exceeding 7 trillion yen ($49 billion).
Despite the offer and talks including regulatory issues, Seven & i made clear in March that it plans to seek an independent path. Couche-Tard, however, has not withdrawn its takeover proposal.
© KYODO
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
43 minutes ago
Japan, U.S. Leaders Fail to Reach Tariff Agreement
News from Japan Politics Jun 17, 2025 09:26 (JST) Kananaskis, Canada, June 16 (Jiji Press)--Japanese Prime Minister Shigeru Ishiba and U.S. President Donald Trump did not reach a full agreement over high U.S. tariffs on Japanese imports on Monday. In their 30-minute meeting in Kananaskis, western Canada, the two leaders agreed to continue the Japan-U.S. tariff negotiations. "We have yet to reach an agreement over the entire (tariff) package," Ishiba told reporters after the meeting, held on the sidelines of the Group of Seven summit from Monday. "We engaged in candid discussions and agreed to instruct our ministers to further (tariff) talks," he also said. END [Copyright The Jiji Press, Ltd.] Jiji Press
The Mainichi
2 hours ago
- The Mainichi
No tariff deal with US as differences remain: Japan PM
BANFF, Canada (Kyodo) -- Japanese Prime Minister Shigeru Ishiba said Monday differences remain with the United States over tariffs, stressing the need for a "package" deal that can protect Japan's national interests. Speaking to reporters after a meeting with U.S. President Donald Trump in Canada, Ishiba refrained from giving a specific time frame for a possible bilateral deal. He also said that the auto sector is a "huge part" of Japan's national interests that should be protected, with the United States having imposed higher tariffs on cars and auto parts among other items.
The Mainichi
2 hours ago
- The Mainichi
Japan, US leaders hold talks on G7 fringes
BANFF, Canada (Kyodo) -- Japanese Prime Minister Shigeru Ishiba and U.S. President Donald Trump held talks Monday on the fringes of the Group of Seven leaders' summit in Canada, a Japanese official said. Their half-hour meeting followed rounds of tariff negotiations at the ministerial level in which Japan called for a rethink of Trump's tariff policy. Asked about the just-ended meeting, Trump said it went "well." He said earlier that a "few new trade deals" would be in the offing, though he did not say they would include one with Japan. The face-to-face meeting was their first since February, when Ishiba flew to Washington to sit down with Trump. In a show of the importance both leaders attach to bilateral relations, Ishiba and Trump have spoken by phone four times since their first meeting as tariff negotiations led by their ministers continued. Trump, who is known for his unpredictability, effectively approved the takeover of United States Steel Corp. by Nippon Steel Corp. in a dramatic turn of events just days before the leaders were to meet at the two-day G7 gathering in Kananaskis. The U.S. leader's tariff salvo, intended to rectify what he sees as imbalanced trade, has added a new twist to an alliance that has otherwise remained rock solid. Japan and the United States are aiming for a "golden age" for bilateral relations by boosting defense and security cooperation in the face of a severe security environment in the Indo-Pacific and are working together on other key fronts such as artificial intelligence and chips.
