Canadian convenience store company Alimentation Couche-Tard has made a takeover bid for Japan’s Seven & i, the owner of convenience store chain 7-Eleven.
Seven & i confirmed Couche-Tard’s approach on Monday, saying that the proposal will be reviewed by a special committee. Sources close to the company told Reuters that the talks between the two companies are still in early stages.
Curiously, the two companies previously went head-to-head in attempts to buy the gas station chain Speedway in 2020 with Seven & i ending up as a winner with $21 billion bid.
After the news about Couche-Tard’s interest became public, the shares of Seven & i have jumped more than 22%. Following the surge, the company reached a market cap of 5.6 trillion yen ($38 billion). Couche-Tard is valued at $58 billion.
If Couche-Tard manages to get the deal done for Seven & i, it would mark the biggest acquisition of a Japanese company by a foreign buyer.
Founded in 1980 as a single convenience store, Alimentation Couche-Tard grew to become a multinational company that operates 16,700 stores and gas stations in 31 countries and territories around the world.
Much of Couche-Tard’s growth was credited to acquisitions, with the company being aggressive in expanding through takeovers. It attempted to acquire Carrefour, a French supermarket giant, for $20 billion back in 2021 but didn’t receive a green light from the country’s regulators.