Japan's Seven-Eleven tells Canadian firm eyeing acquisition to "sell US stores"

Proposal to Sell Circle K Stores in the U.S. to Canadian ACT

Japan's Seven & I Holdings, the parent company of 'Seven-Eleven,' has proposed selling its Circle K stores in the United States to Canadian company ACT (Alimentation Couche-Tard), which has offered to acquire Seven & I Holdings.

According to Kyodo News and NHK on the 10th, Seven & I Holdings stated that as a precondition for acquisition negotiations proposed by ACT, it demanded the disposal of at least 2,000 stores, about 40% of its U.S. stores including Circle K. ACT operates approximately 5,000 convenience stores in the U.S.

Seven & I Holdings owns about 13,000 stores in the U.S., and if the No. 2 ACT absorbs the No. 1 Seven-Eleven, concerns over antitrust law violations have led Seven & I Holdings to take a negative stance on ACT's acquisition proposal.

Earlier, on the 6th, Seven & I Holdings held a press conference and announced a management strategy for independent survival, including enhancing corporate value.

In particular, it presented plans to sell non-core businesses such as supermarkets and dining and to list its U.S. subsidiary Seven-Eleven (SEI) on the U.S. stock market by the second half of next year.

It also announced plans to repurchase its own shares worth 2 trillion yen (approximately 19.6 trillion won) by 2030.