Couche-Tard Makes Moves in Japan
TOKYO — Alimentation Couche-Tard Inc. is wasting no time in taking advantage of the opportunity presented by the abandonment of a competing management buyout offer for Seven & i Holdings Co. Ltd.
The convenience store operator has established an entity in Japan to aid in its efforts to acquire 7-Eleven Inc.'s parent company, reported Nikkei Asia.
Couche-Tard confirmed to the news outlet that it registered a subsidiary with Japanese authorities "to create the path to establishing an office in Japan in the future." It did not provide details on staffing, when it expects to begin operations or other matters.
[Read more: Seven & i Gears Up for Growth Following Transitional Period]
The move follows the withdrawal of a $58 billion bid to take Seven & i private by Junro Ito, son of Seven & i founder Masatoshi Ito and a current vice president and representative director, and his company Ito-Kogyo Co. Ltd, due to a lack of investors.
Couche-Tard is reportedly offering $47 billion for Seven & i. While company shareholders rejected Couche-Tard's initial nonbinding offer, said to be $38.5 billion, the company set up a special committee to evaluate a potential deal after Couche-Tard raised its bid price.
Laval-based Alimentation Couche-Tard operates in 31 countries and territories, with more than 16,800 stores, of which approximately 13,000 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States and it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, Belgium, as well as in Ireland. It also has an important presence in Luxembourg, Germany, the Netherlands, Poland, as well as in Hong Kong Special Administrative Region of the People's Republic of China. Approximately 149,000 people are employed throughout its network.