The stock of Japanese distribution giant Seven & i Holdings, which owns the 7-Eleven distribution chain, rose more than 22.7% on Monday as the group confirmed it had acquired and is studying a proposal to buy from Canada’s Alimentation Couche-Tard. .
The Japanese announced in a press release that “having received a confidential, non-binding and pre-binding proposal” from Canada, in order to “acquire all outstanding shares of the company”, confirming information from the daily Nikkei published shortly before that.
The prospect of this possible takeover, which according to the Nikkei would be the most important of a Japanese company by a foreign group, caused Seven & i shares to jump 22.71% to ¥2,161 on Monday in Tokyo, reaching the limit of authorized exchanges i. number of points during a session.
This brings its market capitalization to more than 5,600 billion yen (34.8 billion euros).
If successful, the acquisition would bring together a distribution juggernaut, with the 85,000 stores owned in 19 countries by Seven&i, a 7-eleven operator of convenience stores in Japan, and the 16,700 stores in 31 countries by Couche-Late, with its -includes the brand Circle K. Seven & i specified in its press release that it had established a group of independent directors within its management committee to study the offer, which was not disclosed.
The group has not “so far decided to accept or reject the proposal” from Couche-Tard, nor to “begin discussions with him or enter into another transaction,” he wrote.