Canada’s Alimentation Couche-Tard (ACT) said it is having exploratory talks with third parties about a potential sale of U.S. stores, which would help it gain regulatory approval should it reach a deal to take over Japan’s Seven & i Holdings.
“We believe there is a clear path to obtaining regulatory approvals of a transaction with 7&i and have made a robust proposal to 7&i about our commitment to doing so,” a Couche-Tard spokesperson said.
Couche-Tard has made a $47 billion takeover bid for the operator of the 7-Eleven convenience store chain.
Seven & i on Thursday appointed its first foreign CEO and handed him the task of overhauling its business to fend off the bid. Incoming chief executive Stephen Dacus said talks would continue with the Circle K-operator, but significant regulatory hurdles stood in the way of a combination of the companies.
