Couche-Tard Drops $47B Seven & i Bid, Shares Fall

Alimentation Couche-Tard has ended its nearly $47 billion takeover bid for Japan's Seven & i Holdings, citing ongoing delays and a lack of cooperation, particularly from the Ito founding family. The failed bid, which would have been the largest-ever foreign acquisition of a Japanese company, underscores the difficulties foreign firms face in Japanese M&A. Couche-Tard accused Seven & i of minimal engagement and information withholding, despite multiple raised offers. Seven & i, expressing disappointment, has seen its shares drop by about 9% and now faces increased investor skepticism over its plans to list its U.S. 7-Eleven business. The abandoned deal has prompted corporate changes at Seven & i, including appointing its first foreign CEO and proposing a major share buyback. These developments reflect both the fallout from the failed bid and pressure for the company to demonstrate value to shareholders.