Seven & I Seeks Government Protection After $38 Billion Approach
- Designation upgrade would complicate any Couche-Tard buyout
- Japanese retailer already listed under foreign exchange law
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Seven & i Holdings Co. wants the Japanese government to require prior notification of any purchase of its shares above 10%, people familiar with the matter said, raising a potential hurdle for Alimentation Couche-Tard Inc.’s buyout proposal to proceed.
The Japanese operator of 7-Eleven stores is seeking designation as a “core” company under the Foreign Exchange and Foreign Trade Act, an upgrade from its current “non-core” status under the law, said the people, asking not to be identified because the information isn’t public.