Seven & i Shares Soar after Report Founding Family Aims to Complete Buyout This FY

Reuters

10:28 JST, November 20, 2024

TOKYO (Reuters) – Shares in Seven & i Holdings jumped more than 9% in early Tokyo trading on Wednesday following a media report that the founding family behind the Japanese retailer was aiming to take it private within this financial year ending in March.

The shares were last up 9.2% at ¥2,661 ($17.20), compared with a 0.19% rise in the benchmark Nikkei average.

Japanese public broadcaster NHK reported on Tuesday that the founding Ito family aims to raise more than $51.7 billion to take the company private through a special purpose company, which is in talks with Japan’s three largest lenders and major U.S. financial institutions.

Seven & i has been under pressure to convince investors it can enhance value on its own and fend off a $47-billion takeover bid from Canada’s Alimentation Couche-Tard. ($1 = ¥154.7200 )