Couche-Tard scraps $46-bn bid for Seven & i

CANADA'S ALIMENTATION COUCHE-TARD on Thursday pulled its $46 billion bid to buy Seven & i Holdings, saying the retailer refused to engage constructively on the deal, which would have been Japan's largest ever foreign buyout.

- REUTERS

Couche-Tard, which operates Circle K, spent a year trying to create a global convenience store giant by acquiring the company behind 7-Eleven.

The deal is the largest ever proposed corporate buyout to fall apart in the Asia Pacific region, according to Dealogic data.

Seven & i shares closed down 9% at 2007.5 yen, 23% below the 2600 yen offer price, while shares of Canada's Couche-Tard surged 17% to C$80.23 in early trading.