In what could be the world’s largest case of the munchies, Canadian convenience store operator Couche-Tard is making a bid for its larger rival 7-Eleven.Tokyo-based Seven & i Holdings confirmed Monday that it had received “a confidential, non-binding and preliminary proposal” from Laval, QB based Alimentation Couche-Tard to buy all of its outstanding shares.Dollar terms weren’t disclosed, but it sources said it would be on the order of $35 billion. If it goes ahead, it would be the largest takeover by a foreign firm in Japan’s history.Couche-Tard operates 16,500 outlets in 31 countries including Canada, the US, Mexico and Europe under the Circle K and Wink’s brands. It also owned Mac’s Milk — the infamous ‘Crack Macs’ — which was phased out in favour of Circle K in 2017..By comparison, there are 85,800 7-Eleven outlets and counts 63.6 million visits per day.Seven & i owns not just 7-Eleven, but a number of other businesses including supermarkets, food producers, household goods retailers, financial services companies and has a stake in Tower Records Japan.In the US alone, 7-Eleven controls about 14.5% of the retail convenience store market while Couche-Tara has about 4.6%. The combined entity would control about a fifth of all convenience store sales in North America.However, any future tie-up faces anti-trust concerns on this side of the Pacific in addition to hurdles surrounding foreign takeovers in Japan.In a statement, Seven & i said it has established a special committee to consider the offer.“Consistent with its obligation to act in the best interest of its shareholders and other stakeholders of the company, the special committee intends to conduct a prompt, careful and comprehensive review of the proposal, the company’s stand-alone plans and other alternatives for enhancing corporate value, after which a response will be made.”It wouldn’t be the first time the upstart Couche-Tard has made outlandish offers for its larger rivals. In 2021 a $25-billion deal to buy French food giant Carrefour fell through after the French government ruled that it would jeopardize food security.Seven & i shares were up about 25% on the Tokyo Stock Exchange on Monday, to ¥2,161 — about $20.12 while Couche-Tard’s were down $1.48 to $82.09 on the TSX..This is what the Western Standard is up againstThe Trudeau government is funding lies and propaganda by directly subsidizing the mainstream media. They do this to entrench the powerful Eastern, woke and corrupt interests that dominate the political, social and economic institutions in Canada. Federal authorities are constantly trying to censor us and stop us from publishing the stories that they don’t want you to read. Ottawa may weaponize our taxes and police against us, but we’ve got a powerful ally on our side.You. Free men, and free women. We need you to stand with us and become a member of the Western Standard. Here’s what you will get for your membership:Unlimited access to all articles from the Western Standard, Alberta Report, West Coast Standard, and Saskatchewan Standard, with no paywall. Our daily newsletter delivered to your inbox. .Access to exclusive Member-only WS events.Keep the West’s leading independent media voice strong and free.If you can, please support us with a monthly or annual membership. It takes just a moment to set up, and you will be making a big impact on keeping one the last independent media outlets in Canada free from Ottawa’s corrupting influence.
In what could be the world’s largest case of the munchies, Canadian convenience store operator Couche-Tard is making a bid for its larger rival 7-Eleven.Tokyo-based Seven & i Holdings confirmed Monday that it had received “a confidential, non-binding and preliminary proposal” from Laval, QB based Alimentation Couche-Tard to buy all of its outstanding shares.Dollar terms weren’t disclosed, but it sources said it would be on the order of $35 billion. If it goes ahead, it would be the largest takeover by a foreign firm in Japan’s history.Couche-Tard operates 16,500 outlets in 31 countries including Canada, the US, Mexico and Europe under the Circle K and Wink’s brands. It also owned Mac’s Milk — the infamous ‘Crack Macs’ — which was phased out in favour of Circle K in 2017..By comparison, there are 85,800 7-Eleven outlets and counts 63.6 million visits per day.Seven & i owns not just 7-Eleven, but a number of other businesses including supermarkets, food producers, household goods retailers, financial services companies and has a stake in Tower Records Japan.In the US alone, 7-Eleven controls about 14.5% of the retail convenience store market while Couche-Tara has about 4.6%. The combined entity would control about a fifth of all convenience store sales in North America.However, any future tie-up faces anti-trust concerns on this side of the Pacific in addition to hurdles surrounding foreign takeovers in Japan.In a statement, Seven & i said it has established a special committee to consider the offer.“Consistent with its obligation to act in the best interest of its shareholders and other stakeholders of the company, the special committee intends to conduct a prompt, careful and comprehensive review of the proposal, the company’s stand-alone plans and other alternatives for enhancing corporate value, after which a response will be made.”It wouldn’t be the first time the upstart Couche-Tard has made outlandish offers for its larger rivals. In 2021 a $25-billion deal to buy French food giant Carrefour fell through after the French government ruled that it would jeopardize food security.Seven & i shares were up about 25% on the Tokyo Stock Exchange on Monday, to ¥2,161 — about $20.12 while Couche-Tard’s were down $1.48 to $82.09 on the TSX..This is what the Western Standard is up againstThe Trudeau government is funding lies and propaganda by directly subsidizing the mainstream media. They do this to entrench the powerful Eastern, woke and corrupt interests that dominate the political, social and economic institutions in Canada. Federal authorities are constantly trying to censor us and stop us from publishing the stories that they don’t want you to read. Ottawa may weaponize our taxes and police against us, but we’ve got a powerful ally on our side.You. Free men, and free women. We need you to stand with us and become a member of the Western Standard. Here’s what you will get for your membership:Unlimited access to all articles from the Western Standard, Alberta Report, West Coast Standard, and Saskatchewan Standard, with no paywall. Our daily newsletter delivered to your inbox. .Access to exclusive Member-only WS events.Keep the West’s leading independent media voice strong and free.If you can, please support us with a monthly or annual membership. It takes just a moment to set up, and you will be making a big impact on keeping one the last independent media outlets in Canada free from Ottawa’s corrupting influence.
