Seven & i's U.S. Buyout May Be Illegal: Antitrust Officials

Politics

Washington, May 14 (Jiji Press)--U.S. antitrust officials released a statement Friday warning that Seven & i Holdings Co.'s <3382> purchase of local convenience store chain Speedway may be against antimonopoly laws.

"We have reason to believe that this transaction is illegal," Federal Trade Commission Acting Chairwoman Rebecca Slaughter and Commissioner Rohit Chopra said in the statement.

The Japanese retail giant's effort to expand its foreign operations through the 21-billion-dollar buyout is expected to see pushback from U.S. authorities.

Ahead of the statement, Seven & i announced that it has completed its acquisition of the convenience store and fuel retail operations of U.S. oil refinery Marathon Petroleum Corp., run mainly under the Speedway brand.

The two commissioners, both Democratic Party appointees, said that the acquisition of the Speedway chain of convenience stores in gasoline stations may violate antitrust laws, noting that it raises "significant competitive concerns in hundreds of local retail gasoline and diesel fuel markets across the country."

[Copyright The Jiji Press, Ltd.]

Jiji Press