Canada’s most valuable retailer sees its future in fuelling the world’s late-night snack runs.
What happened: Québec-based Alimentation Couche-Tard has made a friendly offer to take over the Japanese parent of 7-Eleven, the world’s biggest convenience store operator. The deal would mark the largest acquisition of any Japanese company by a foreign buyer.
- Couche-Tard, which is best known for its chain of 14,000 Circle K stores, has been hunting for big acquisitions since the pandemic began but hasn’t caught its big fish yet.
- Back in 2021, a US$20 billion deal to buy the grocery chain Carrefour was killed by the French government. The retailer also pulled its $5.6 billion bid to buy Australia’s Caltex.
Why it matters: A successful takeover would give Québec major bragging rights on the international stage. Couche-Tard would become the king of convenience, spanning a total of about 100,000 locations worldwide, including over 20,000 in Japan.
Big picture: 7-Eleven might not be so keen on the deal. According to the Financial Times, the company has been preparing to fend off takeover attempts by foreign buyers. If it rejects the offer, the Canadian company will be cleared to try and launch a hostile takeover.—LA