Seven & i Drops Plan to Buy U.S. Convenience Store Chain Speedway
Tokyo, March 5 (Jiji Press)--Major Japanese retailer Seven & i Holdings Co. <3382> has dropped its plan to acquire U.S. convenience store chain Speedway LLC, informed sources said Thursday.
The price for the acquisition, said to be around 2.5 trillion yen, was "too high," a Seven & i official said.
The failure will apparently force Seven & i to review its overseas operations, a growth engine for the company.
Speedway was supposed to play an important role in strengthening Seven & I's North American business, an analyst said.
But the price tag of 2.5 trillion yen is equivalent to nearly half of annual sales from Seven & I's convenience store operations in Japan.
[Copyright The Jiji Press, Ltd.]