Companies

Seven & i Mulls Early Sale of Superstore Business

Reuters file photo
The logo of Seven & I Holdings is seen at its headquarters in Tokyo, Japan.

Jiji Press

17:49 JST, October 5, 2024

TOKYO (Jiji Press) — Seven & i Holdings Co. is considering selling its superstore operations, including struggling unit Ito-Yokado Co., at an early date, people familiar with the matter said Friday.

In April, Seven & i announced a plan to consider taking its superstore business public, but the initial public offering process is expected to span several years.

If Seven & i finds a suitable partner, it will consider selling the superstore business before the IPO, the people said. The company intends to retain certain shares in the business.

The sale of the superstore business is part of Seven & i’s efforts to improve its corporate value by focusing on its convenience store business. The move is also apparently aimed at countering a takeover proposal from Canadian convenience store operator Alimentation Couche-Tard Inc.

Seven & i is also considering reducing its 46.4% stake in Seven Bank.

The Japanese retailer rejected Couche-Tard’s ¥6-trillion takeover proposal, claiming that the offer significantly underestimates its corporate value. The Canadian firm is believed to be considering raising its offer.