Alimentation Couche-Tard announced on Wednesday it has decided to retract its $47 billion bid to acquire Seven & i Holdings, attributing the move to an absence of meaningful dialogue from the Japanese retail conglomerate.
The unexpected withdrawal brings an abrupt halt to what could have become the most significant foreign acquisition of a Japanese company in history. By seeking to acquire Seven & i, the parent company of 7-Eleven, Couche-Tard, renowned for operating Circle K, had aimed to forge a convenience store powerhouse with a truly global footprint.
Responding to the development, Seven & i expressed disappointment with the Canadian retailer’s decision and voiced disagreement with several points raised in Couche-Tard’s statement.
The situation has been closely monitored as a barometer for corporate Japan’s openness to international takeovers. The collapse of the bid follows closely on the heels of Nippon Steel’s successful $14.9 billion acquisition of U.S. Steel, fueling debate over whether Japan Inc. is warming to such foreign overtures.
Couche-Tard had boosted its offer from $38.5 billion to $47 billion in October 2024 and, in March 2025, indicated willingness to increase the bid further—contingent upon greater cooperation and financial disclosure from the Japanese side. As part of its proposal, Couche-Tard sought to acquire all of Seven & i’s operations outside Japan and a 40% stake in its domestic business, recognizing the critical infrastructure role convenience stores fulfill in Japan, particularly in times of natural disaster.
