This raises a potential hurdle for Alimentation Couche-Tard’s buyout proposal to proceed.
Seven & i Holdings, the Japanese operator of 7-Eleven stores, is seeking designation as a “core” company under the Foreign Exchange and Foreign Trade Act.
The Japanese operator of 7-Eleven stores is seeking designation as a “core” company under the Foreign Exchange and Foreign Trade Act, an upgrade from its current “non-core” status under the law, said the people, asking not to be identified because the information is not public. The Japanese operator of 7-Eleven stores made the application after Couche-Tard approached the company last week, one of the people said. Seven & i’s effort to invoke governmental oversight of Couche-Tard’s proposal reflects the retailer’s wariness toward the approach, which comes after years of activist investor criticism that its assets are undervalued.
The Finance Ministry did not immediately respond to an e-mailed request for comment. A representative for Seven & i referred to a prior statement, saying that no decisions have been made, and added that “a special committee of independent outside directors is currently reviewing the proposal”.
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