Couche-Tard Abandons $46 Billion Bid to Buy 7-Eleven Owner - Bloomberg.com
#couche-tard #7-eleven #retail #acquisition #convenience_store
Couche-Tard Abandons $46 Billion Bid to Buy 7-Eleven Owner - Bloomberg.com
In a surprising turn of events, Canada’s Alimentation Couche-Tard Inc. has announced that it is abandoning its ¥6.77 trillion ($45.8 billion) bid to buy Seven & i Holdings Co., the Japanese owner of 7-Eleven convenience stores. This comes after almost a year of pursuit, with Couche-Tard citing a lack of meaningful engagement from Seven & i Holdings as the reason for their decision.
Stalled Negotiations
Negotiations between the two companies have been ongoing for months, with Couche-Tard making multiple offers to buy Seven & i Holdings. However, according to Couche-Tard, their offers have been met with little to no response from the Japanese company. This lack of communication has made it difficult for Couche-Tard to move forward with their proposed acquisition.
Potential Impact on the Convenience Store Industry
This failed bid has significant implications for the convenience store industry. If the deal had gone through, it would have created a global retail giant with over 70,000 stores. It would have also given Couche-Tard a major foothold in the Asian market. However, with the bid now abandoned, the future of both companies remains uncertain.
