Latest news with #CoucheTard
Bloomberg
6 days ago
- Business
- Bloomberg
The Billion-Dollar Battle to Own 7-Eleven
7-Eleven convenience stores perfected their model in Japan, where diverse, fresh-food offerings attract locals and tourists alike. But the company, which had its start long ago in the US, has struggled to replicate that success elsewhere—particularly in the country where it was born. Now a new player believes it can do a better job at creating a global convenience store empire. Canadian company Couche-Tard, owner of Circle K stores, has made an unsolicited bid to buy Seven & i Holdings, the parent of 7-Eleven. On the Bloomberg Originals mini-documentary Why There's a Battle to Own 7-Eleven, we discuss how the famous chain had its start and why its Japanese locations are so different from those in the US.
CTV News
27-05-2025
- Business
- CTV News
‘I'll be the winner,' jokes Quebec man who ends up winning $1,000 a week for life
A humorous young man from Quebec City can kick back and relax after winning $1,000 a week for the rest of his life. Stopping at a Couche-Tard in the Val-Bélair sector, Cameron McKenzie says he noticed a limited edition Winner for Life ticket sitting in the display counter. He asked the store clerk if he had ever seen anyone win the prize. The response? 'No.' 'I'll be the winner,' McKenzie joked as he bought the ticket. Later that evening, as he scratched the foil away, he saw the three LIFE symbols appear. McKenzie, who is in his 20s, says he dreams of becoming a police officer, and his newfound financial stability will allow him to concentrate on his studies. The winning ticket was purchased at the Couch-Tard at 1601 Industrielle Ave. The retailer will receive a commission of $10,000, equivalent to one per cent of the winnings. Since the beginning of 2025, Loto-Quebec says seven jackpots of $1,000 per week for life have been won in the Winner for Life lottery.
Globe and Mail
27-05-2025
- Business
- Globe and Mail
7-Eleven shareholders back management as Japanese owner fights Couche-Tard takeover bid
Seven & i Holdings Co. SVNDF executives faced shareholders for the first time Tuesday since Canadian convenience store giant Alimentation Couche-Tard Inc. ATD-T launched an audacious takeover bid for the Japanese owner of the global 7-Eleven chain. For almost a year now, Seven & i has been trying to stave off Couche-Tard's offer — now standing at 7.4-trillion yen (US$52-billion) — which would be the largest foreign buyout of a Japanese company in that country's history. This reticence has not only caused frustration in Canada, but also for some Seven & i investors, who have long complained not enough is being done to provide value to shareholders in the world's leading convenience store chain. But despite these grumblings, Seven & i management secured shareholder backing for all their proposals at an annual general meeting Tuesday, Japan's Nikkei newspaper reported. These include appointing a new executive team, spinning off several subsidiaries and holding an initial public offering for 7-Eleven's U.S. arm by next year. '7-Eleven has enormous global potential,' said Seven & i CEO Stephen Dacus, according to Nikkei. 'We aim to realize this potential with your co-operation.' Mr. Dacus, an American former Walmart executive, was appointed to the top job in March, having previously served as an independent director of a special committee evaluating Couche-Tard's takeover approach. That move had attracted criticism, including from activist investor Artisan Partners, which had unsuccessfully urged other shareholders to reject Mr. Dacus and push the company to engage with the Canadians. Despite the apparent vote of confidence in Seven & i's conservative approach Tuesday, there has been some progress toward a potential sale, which is still favoured by the market at large. Earlier this month, Couche-Tard was granted access to Seven & i's confidential financial data after months of effort, a critical step in its bid to take over its Japanese convenience store rival. A non-disclosure pact signed by both companies will facilitate the type of due diligence and discussions on potential regulatory hurdles to a takeover that Seven & i has said is vital before it can consider the offer, but has so far refused to facilitate. Previously, Couche-Tard had complained about 'very limited' engagement from Seven & i. Couche-Tard founder and chairman Alain Bouchard said in March his team had tried repeatedly to meet with Seven & i executives to talk about a deal but that 'it is hard if not impossible.' Couche-Tard takes the fight for 7-Eleven to Japan 'The execution of the NDA is a positive step in the constructive engagement process' with Couche-Tard, said Paul Yonamine, chair of Seven & i's independent special committee. 'Unlocking significant value for shareholders and other stakeholders remains Seven & i's top priority,' he said. The Japanese company is pursuing a dual-track effort in its bid to create that value: Exploring a possible sale to Couche-Tard or going it alone as a more focused business. As part of plans to remain independent, it is selling its underperforming supermarkets and has announced plans to list a portion of its U.S. retail operation to fund a massive stock buyback. Seven & i has said Couche-Tard is playing down the antitrust risks of a potential merger of the two retail giants, vowing it won't be drawn into 'limbo for multiple years' as regulators decide its fate. The Tokyo company has said its directors have always been open to a merger or go-private transaction, but only if there's a high certainty that a deal will close. Couche-Tard executives have said there is 'a path to regulatory approval' in the United States. But Mr. Dacus has expressed doubts about that claim. 'They just kept saying, 'Trust us. We can do this. We'll work it out,'' the Seven & i CEO told the Yomiuri Shimbun newspaper in March. He said although Couche-Tard has experience in winning antitrust approval for previous takeovers, many of those have been small deals and nothing on the scale of this potential tie-up. The U.S. Federal Trade Commission will be 'much stricter' in this case, he said.
Globe and Mail
27-05-2025
- Business
- Globe and Mail
Stephen Hayes Dacus becomes first foreign CEO of 7-Eleven in Japan
TOKYO (AP) — Stephen Hayes Dacus was approved Tuesday to be the new chief executive of the operator of 7-Eleven, the first foreigner to lead the Japanese convenience store chain. The American with a Japanese mother was appointed earlier this year to be chief executive of Seven & i Holdings Co., which operates the stores, known as 'konbini' in Japan. An acquisition proposal by Alimentation Couche-Tard of Canada, which the company has so far rejected, was not up for vote at the shareholders' meeting. The companies are discussing the proposal and Seven & i is conducting an internal study. Dacus has promised further growth for the business, which has been widening its overseas appeal. The 7-Eleven chain is the biggest convenience store chain in the U.S. But some analysts say there are challenges in the Japanese market, where the population is rapidly aging and competition is fierce among konbini brands. Fluent in Japanese and English, Dacus previously worked at Walmart, Japanese clothing chain Uniqlo and other retailers. Shareholders appeared to have high hopes for his leadership and the rest of the new team that also won their approval. It remains unclear whether the company is going to go it alone or decide to collaborate with Couche-Tard. The 7-Eleven stores in Japan sell everything from ice cream to batteries to health needs and hot meals. Some stores allow customers to pay utility bills or use the copier machine. They also work with local governments to help out during disasters, providing water, relief supplies, toilet facilities and emergency information.
CTV News
27-05-2025
- Business
- CTV News
Stephen Hayes Dacus becomes first foreign CEO of 7-Eleven in Japan
TOKYO — Stephen Hayes Dacus was approved Tuesday to be the new chief executive of the operator of 7-Eleven, the first foreigner to lead the Japanese convenience store chain. The American with a Japanese mother was appointed earlier this year to be chief executive of Seven & i Holdings Co., which operates the stores, known as 'konbini' in Japan. An acquisition proposal by Alimentation Couche-Tard of Canada, which the company has so far rejected, was not up for vote at the shareholders' meeting. The companies are discussing the proposal and Seven & i is conducting an internal study. Dacus has promised further growth for the business, which has been widening its overseas appeal. The 7-Eleven chain is the biggest convenience store chain in the U.S. But some analysts say there are challenges in the Japanese market, where the population is rapidly aging and competition is fierce among konbini brands. Fluent in Japanese and English, Dacus previously worked at Walmart, Japanese clothing chain Uniqlo and other retailers. Shareholders appeared to have high hopes for his leadership and the rest of the new team that also won their approval. It remains unclear whether the company is going to go it alone or decide to collaborate with Couche-Tard. Stephen Hayes Dacus, who was tapped to be the next chief executive of Seven & i Holdings, which operates the 7-Eleven convenience store chain, poses for a photo at the company's headquarters in Tokyo, April 25, 2025. (AP Photo/Yuri Kageyama, File) Stephen Hayes Dacus, who was tapped to be the next chief executive of Seven & i Holdings, which operates the 7-Eleven convenience store chain, poses for a photo at the company's headquarters in Tokyo, April 25, 2025. (AP Photo/Yuri Kageyama, File) The 7-Eleven stores in Japan sell everything from ice cream to batteries to health needs and hot meals. Some stores allow customers to pay utility bills or use the copier machine. They also work with local governments to help out during disasters, providing water, relief supplies, toilet facilities and emergency information. ___ Yuri Kageyama, The Associated Press
