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New Straits Times
5 days ago
- Business
- New Straits Times
Couche-Tard scraps US$47bil takeover bid for Japan's Seven & i
TOKYO: Canadian retailer Alimentation Couche-Tard said on Wednesday it was withdrawing its US$47 billion takeover bid for Seven & i Holdings , citing a lack of constructive engagement by the Japanese retailer. The surprise move marks the collapse of what could have been the largest foreign takeover of a Japanese company as Circle K operator Couche-Tard sought to create a global convenience store giant by acquiring the company behind 7-Eleven. "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," Couche-Tard said in a letter to its board of directors. "Rather, you have engaged in a calculated campaign of obfuscation and delay, to the great detriment of 7&i and its shareholders," the letter said. Seven & i said in a statement that "while we are disappointed by ACT's decision, and disagree with their numerous mischaracterisations, we are not surprised." Seven & i is widely seen as a test case for corporate Japan's willingness to entertain foreign takeover bids, with the withdrawal coming after Nippon Steel was able to acquire US Steel in a US$14.9 billion transaction. Seven & i shares were untraded amid a glut of sell orders. "We are very disappointed in what appears to be a lack of willingness to engage from 7&i," said Manoj Jain, co-founder and co-CIO of Hong Kong-based Maso Capital. "We believe there is significant value to be realised in a combination and have expressed this view to the management and the board." Couche-Tard raised its offer to US$47 billion from US$38.5 billion in October last year and in March offered to increase it further if the Japanese firm cooperated and revealed more financial information. It was also working with Seven & i on a store sale plan, in a bid to ease some regulatory hurdles. Couche-Tard's approach appeared to be gathering steam after a US$58 billion white-knight bid from Seven & i's founding Ito family ended after failing to get financing. Couche-Tard said it had sought to speak to the family but found them unwilling to engage. The two companies inked a non-disclosure agreement (NDA) but "the quantity and substance of the permitted due diligence, including at two tightly constrained management meetings, have been negligible," Couche-Tard said in the letter. ALTERNATIVE PROPOSALS NIXED Couche-Tard said it believed a full combination of the two companies would maximise value for shareholders but had also explored alternatives. The retailer said it had offered to acquire all of 7&i's business outside of Japan and 40 per cent of the business in Japan, where convenience stores are seen as key infrastructure due to their support role during natural disasters. "We are not able to effectively pursue this combination without deeper and genuine further engagement from 7&i leadership and the special committee," the letter said. Seven & i proposed selling its international business to Couche-Tard in return for a stake in the Canadian retailer, the letter said. Such a deal "would not deliver the significant premium that was offered to your shareholders in our transaction proposals," the letter said. Seven & i has been under intense pressure to improve its lacklustre earnings and demonstrate it can grow independently. The company has announced a share buyback, is selling off non-core assets and plans to list its North American convenience store business.
Yomiuri Shimbun
5 days ago
- Business
- Yomiuri Shimbun
Couche-Tard Pulls $47 Billion Takeover Bid for Seven & i
Tokyo, July 17 (Reuters) – Canadian retailer Alimentation Couche-Tard said on Wednesday it was withdrawing its $47 billion takeover bid for Seven & i Holdings 3382.T, citing a lack of constructive engagement by the Japanese retailer. The surprise move marks the collapse of what could have been the largest foreign takeover of a Japanese company as Circle K operator Couche-Tard sought to create a global convenience store giant by acquiring the company behind 7-Eleven. '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,' Couche-Tard said in a letter to its board of directors. 'Rather, you have engaged in a calculated campaign of obfuscation and delay, to the great detriment of 7&i and its shareholders,' the letter said. Seven & i said it was disappointed with Couche-Tard's decision and disagreed with some of the Canadian group's statements. Seven & i has been seen as a test case for corporate Japan's willingness to entertain foreign takeover bids, with the withdrawal coming after Nippon Steel 5401.T was able to acquire U.S. Steel X.N in a $14.9 billion transaction. The Tokyo Stock Exchange suspended trading in Seven & i shares pending verification of media reports about Couche-Tard's proposal withdrawal. 'We are very disappointed in what appears to be a lack of willingness to engage from 7&i,' said Manoj Jain, co-founder and co-CIO of Hong Kong-based Maso Capital. 'We believe there is significant value to be realized in a combination and have expressed this view to the management and the board.' Couche-Tard raised its offer to $47 billion from $38.5 billion in October last year and in March offered to increase it further if the Japanese firm cooperated and revealed more financial information. It was also working with Seven & i on a store sale plan, in a bid to ease some regulatory hurdles. Couche-Tard's approach appeared to be gathering steam after a $58 billion white-knight bid from Seven & i's founding Ito family ended after failing to get financing. Couche-Tard said it had sought to speak to the family but found them unwilling to engage. The two companies inked a non-disclosure agreement (NDA) but 'the quantity and substance of the permitted due diligence, including at two tightly constrained management meetings, have been negligible,' Couche-Tard said in the letter. Couche-Tard said it believed a full combination of the two companies would maximize value for shareholders but had also explored alternatives. The retailer said it had offered to acquire all of 7&i's business outside of Japan and 40% of the business in Japan, where convenience stores are seen as key infrastructure due to their support role during natural disasters. 'We are not able to effectively pursue this combination without deeper and genuine further engagement from 7&i leadership and the special committee,' the letter said. Seven & i proposed selling its international business to Couche-Tard in return for a stake in the Canadian retailer, the letter said. Such a deal 'would not deliver the significant premium that was offered to your shareholders in our transaction proposals,' the letter said. Seven & i has been under intense pressure to improve its lackluster earnings and demonstrate it can grow independently. The company has announced a share buyback, is selling off non-core assets and plans to list its North American convenience store business.
Hans India
13-07-2025
- Politics
- Hans India
Nominated councillors to get development funds
In a landmark decision, the Delhi Municipal Corporation has approved a proposal to allocate development funds to nominated councillors, commonly referred to as aldermen, putting them on par with elected councillors for the first time in the city's history. Until now, only elected councillors received financial support under the Councillor Local Area Development Fund to carry out civic works in their wards. However, a recent proposal passed by the MCD House has extended the same funding privileges to the ten nominated councillors appointed by the Lieutenant Governor of Delhi. These aldermen, although unelected, have long held the right to attend and speak in corporation meetings and participate in zone-level discussions. However, the absence of funding limited their ability to initiate or oversee developmental work. The newly passed provision now allows nominated councillors to receive equal funding whenever allocations are made to elected members. This move is expected to empower them to address civic issues directly within the Municipal Corporation of Delhi (MCD) areas. Nominated councillor Manoj Jain welcomed the decision, calling it a much-needed and practical step. 'People approach nominated councillors with problems related to parks, street lighting, and broken pavements. Earlier, we could only raise these issues-now we'll be able to solve them,' Jain said. He noted that in areas like Daryaganj, where the elected representative is from the Aam Aadmi Party, several local issues were overlooked. 'I have already secured approval for road and park repairs there through my efforts,' he added. According to the Delhi Municipal Corporation Act, Section 3(3)(b)(i), ten individuals above the age of 25 with special knowledge or experience in municipal affairs are nominated by the Administrator (Lieutenant Governor) to serve as councillors. While these nominated councillors cannot vote in the main corporation meetings, they are allowed to vote in ward committee matters and in elections to the MCD Standing Committee, and can even stand as candidates for that influential body.
Hans India
10-07-2025
- Business
- Hans India
Indian Navy signs contract with BEL for NMDA project
Visakhapatnam: With an aim to strengthen maritime and coastal security, the Indian Navy signed a contract with Bharat Electronics Limited (BEL), Bengaluru for the implementation of National Maritime Domain Awareness (NMDA) project. The contract was signed in the presence of Vice Admiral Tarun Sobti, Deputy Chief of the Naval Staff, and Manoj Jain, chairman and managing director of BEL. Entailing upgradation of the existing National Command, Control, Communication and Intelligence (NC3I) Network to NMDA Network along with incorporation of AI-enabled software, the project will bring in an integrated approach to data collation, analysis and information sharing among various maritime stakeholders. As part of the project, the existing Information Management and Analysis Centre (IMAC) at Gurugram, nodal centre of NC3I Network, will also be upgraded into a multi-agency The project will be executed on a 'turnkey basis' and will be administered by the Indian Navy.
Time of India
08-07-2025
- Business
- Time of India
Indian Navy signs contract with BEL for implementation of NMDA Project
The Indian Navy has signed a contract with a major defence PSU for the implementation of the National Maritime Domain Awareness (NMDA) Project towards strengthening maritime and coastal security, the defence ministry said on Tuesday. The contract was signed in the presence of Deputy Chief of the Naval Staff, Vice Admiral Tarun Sobti, and Chairman and Managing Director, Bharat Electronics Limited (BEL), Bengaluru, Manoj Jain. The project will bring in an integrated approach to data collation, analysis and information sharing among the various maritime stakeholders. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Doutor: Reverter encolhimento muscular após os 50 depende deste hábito noturno Revista do Homem Saiba Mais Undo "The Indian Navy has signed a contract with Bharat Electronics Limited (BEL), Bengaluru, for the implementation of National Maritime Domain Awareness Project towards strengthening maritime and coastal security," it said. The project entails the upgrade of the existing National Command, Control, Communication and Intelligence (NC3I) Network to the NMDA Network along with the incorporation of AI-enabled software, the ministry said. Live Events As part of the project, the existing Information Management and Analysis Centre (IMAC) at Gurugram, which is the nodal centre of NC3I Network, will also be upgraded into a multi-agency NMDA Centre hosting representatives from various national agencies, it said. The project will be executed on a "turnkey basis" and will be administered by the Indian Navy, the statement said.
