Couche-Tard Drops $46 Billion Bid for Japan's 7-Eleven Owner
'The moat of Japanese protectionism proved too much for Couche-Tard to cross,' said Andrew Jackson, head of Japan equity strategy at Ortus Advisors. 'It was always highly unlikely that this was going to be successful given Seven & i's positioning as one of Japan's most successful global companies and the fast closing of the ranks.'
Still, the talks forced Seven & i to change. The company appointed its first foreign CEO, agreed to sell its superstore business and proposed a ¥2 trillion share buyback. It also announced a possible listing of its US business, although there are doubts over whether such a move is now needed. Seven & i's shares fell around 9% on Thursday, and there's pressure on management to show it can do it alone.
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