Industry Roundup: The Top 10 Most-Read Stories of November 2024
NATIONAL REPORT — Interest in the future of 7-Eleven Inc.'s parent company remains high, in addition to the future of Alimentation Couche-Tard Inc.'s other expansion plans. In the latest Industry Roundup, we present the top 10 most-read stories for the month of November, based on reader views:
1) Seven & i Receives $58B Management Buyout Offer
Junro Ito, son of company founder Masatoshi Ito and current vice president and representative director, submitted an offer with his company Ito-Kogyo Co. Ltd., that could reach up to $58 billion. The "white knight" bid would take Seven & i private and block the acquisition proposal from Couche-Tard.
2) Pepsi Grows Snacking Business With New Acquisition Pact
The snacking manufacturer entered into an agreement to acquire the remaining 50% interest in Sabra Dipping Co. LLC and PepsiCo-Strauss Fresh Dips & Spreads International GmbH. This transaction will enable PepsiCo to continue to transform its portfolio and drive accelerated innovation to develop more products that meet the growing demand for positive choices from North American consumers, the company said.
3) Circle K to Double Presence in New York
The convenience store retailer inked a franchise development agreement with The Briad Group, which will open 40 franchised Circle K stores in Upstate New York. The development of the new convenience stores is set to begin in early 2025.
4) Couche-Tard Rejects Idea of Hostile Takeover of Seven & i Holdings
While the retailer still hopes to reach a deal for 7-Eleven's parent company, it plans to keep its pursuit friendly. Cofounder and Chairman Alain Bouchard stated that a hostile bid "was not among factors being considered."
5) Retailer Groups Urge Senate to Change 'Anticompetitive' Swipe Fee System
Multiple organizations encouraged legislative action as the Senate Judiciary Committee held a Nov. 19 hearing titled "Breaking the Visa-Mastercard Duopoly: Bringing Competition and Lower Fees to the Credit Card System." The Merchants Payments Coalition testified that rising credit card swipe fees cost small businesses and their customers billions of dollars each year.
6) Sheetz Gives Holiday Travelers a Break at the Pump
Drivers were able to save 40 cents per gallon on Unleaded 88 at select stores ahead of the Thanksgiving holiday weekend. The limited-time promotion was available at 505 Sheetz stores that offer Unleaded 88 fuel.
7) Casey's Completes Largest Acquisition to Date
The company added 198 convenience stores to its network upon the Nov. 1 closing of its acquisition of Fikes Wholesale, owner of CEFCO convenience stores. The deal brings Casey's total store count to approximately 2,900 locations across 17 states.
8) Alimentation Couche-Tard Sets the Table for Growth in 2025
The retailer's recent acquisitions include deals for GetGo Café+Markets and Hutch's, both of which are slated to close in 2025. Overseas, the company's four new business units are transitioning out of a complex carve-out with TotalEnergies, according to CEO Alex Miller.
9) bp Plans Expansion of New Private Label Brand
Its epic goods brand features a wide range of products from candy and snacks to packaged beverages, to motor oil and electronic. The company is planning a consumer-facing marketing campaign for the first quarter of 2025.
10) Refuel Considering Sale
Its owner, private equity firm First Reserve, is reportedly exploring strategic options such as a potential sale that could value the convenience store operator at more than $1.5 billion including debt. Sources say that First Reserve is in talks with investment bankers to launch a sale process for Refuel in the first half of 2025.