Deals
Seven & i Is Said to Plan Reducing Stake in Banking Unit to 38%
- 7-Eleven owner facing buyout proposal from Couche-Tard
- Restructuring aimed at focusing efforts on convenience stores
This article is for subscribers only.
Seven & i Holdings Co., the convenience-store operator facing a takeover approach from Canada’s Alimentation Couche-Tard Inc., plans to reduce its stake in its banking unit to 38% as part of a broader revamp, people with knowledge of the matter said.
The retailer’s 46% stake in Seven Bank Ltd., which offers banking services and access to ATMs at 7-Elevens and other locations across Japan, could raise around ¥30 billion ($195 million) by the end of the current fiscal year in February, said the people, who asked not to be identified because details of the plan haven’t been announced.