Canadian retail giant ACT plans to sell its American stores to pave the way for the acquisition of Seven & i.
Canadian convenience store giant Alimentation Couche-Tard (ACT) has stated that it is in exploratory talks with a third party regarding the potential sale of its stores in the United States.
Canadian convenience store giant Alimentation Couche-Tard (ACT) has stated that it is exploring potential negotiations with a third party regarding the sale of its US stores. This move is aimed at paving the way for regulatory approval of its acquisition of Japanese retail giant Seven & i Holdings, the parent company of 7-11.
A spokesperson for ACT stated: "We believe there is a clear regulatory approval path for the transaction with Seven & i, and we have submitted a strong proposal outlining our commitments to Seven & i."
The company has made a $47 billion acquisition offer to Seven & i.
Seven & i appointed its first foreign CEO on Thursday and tasked them with restructuring the business to fend off the acquisition offer. Incoming CEO Stephen Dacus stated that negotiations will be held with ACT, but the merger still faces significant regulatory obstacles.
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