By Kosaku Narioka
Japanese trading house Itochu is considering investing in the owner of 7-Eleven, emerging as the latest player in an international takeover battle over one of the world's biggest convenience-store operators.
Itochu Chief Financial Officer Tsuyoshi Hachimura said Thursday that the company is considering investing in Seven & i Holdings. An Itochu spokeswoman confirmed the comments he made at an earnings briefing earlier in the day.
The 7-Eleven owner in September rejected an initial $39 billion buyout bid from Canada's Alimentation Couche-Tard, saying the proposal underestimated the company's value. Couche-Tard later raised its offer to about $47 billion.
In November, Seven & i said it had received a buyout proposal from Junro Ito, a top Seven & i executive and son of the founder of the Japanese retail giant, but didn't provide details.
Private-equity firm KKR was considering joining the Seven & i founding family to take the company private, though talks were in the very initial stages, The Wall Street Journal reported in January.
Itochu hasn't decided whether it would invest in Seven & i or how, the spokeswoman said Thursday.
Seven & i Chief Financial Officer Yoshimichi Maruyama said last month that the company was considering options, including Couche-Tard's bid, Ito's proposal and a standalone growth strategy.
Seven & i has said it will bring in strategic partners for its business of supermarkets, specialty stores and other operations and spin off and list the holding company.
The Japanese company has said it will continue to consider strategic initiatives to unlock its North American convenience-store business's potential value as well as optimal capital relations with its banking unit. The retail giant has said it will accelerate expansion to new regions to seek growth in markets worldwide.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
February 06, 2025 04:23 ET (09:23 GMT)
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