The Seven & I Holdings logo can be seen at its headquarters in Tokyo, Japan.
17:49 JST, October 5, 2024
TOKYO (Jiji Press) – Seven & i Holdings Co. is considering an early sale of its superstore business, including troubled unit Ito-Yokado Co., people familiar with the matter said Friday.
In April, Seven & i announced a plan to consider taking its superstore business public, but the IPO process is expected to take 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 company.
The sale of the superstore business is part of Seven & i’s efforts to improve business value by focusing on its convenience store business. The measure is apparently also intended to prevent a takeover proposal from Canadian supermarket chain Alimentation Couche-Tard Inc. to counteract.
Seven & i is also considering reducing its 46.4% stake in Seven Bank.
The Japanese retailer rejected Couche-Tard’s 6 trillion yen takeover proposal, claiming the offer significantly understates its business value. It is believed that the Canadian company is considering increasing its offer.
