Couche-Tard Asks Seven & i to "Adequately Consider" Buyout

Tokyo, March 13 (Jiji Press)--The founder of Alimentation Couche-Tard Inc. on Thursday urged Seven & i Holdings Co. to "adequately consider" the Canadian convenience store chain's attempt to take over the Japanese retailer.

At a press conference in Tokyo, Couche-Tard founder and Executive Chairman Alain Bouchard said he is "disappointed" that discussions with Seven & i has been limited to regulatory issues that might arise with the possible acquisition.

Seven & i, which owns the 7-Eleven chain, has the largest share in the U.S. convenience store market, with Couche-Tard in second place. Seven & i has said that the proposed acquisition would lead to U.S. antitrust law breaches.

In order to further advance takeover talks, Couche-Tard has agreed to find companies that would buy the Canadian firm's stores in the United States to address such concerns.

Emphasizing his company's past acquisitions, including convenience store chain Circle K, Bouchard told the press conference said that there is a "clear path" to resolve the regulatory issues.

[Copyright The Jiji Press, Ltd.]