Canadian company Alimentation Couche-Tard has proposed buying all outstanding shares of Japan's Seven & i Holdings, the owner of 7-Eleven stores. The deal would value Seven & i at around $38 billion, making it the largest-ever Japanese target of a foreign buyout.
Seven & i shares surged by almost 23% on Monday but fell by 5.7% on Tuesday after losing more than 12% shortly after the open. The potential merger would create a global convenience store giant.
Estee Lauder has lowered its forecasts as customers cut back on affordable luxuries due to higher prices. Seven & i has set up a Special Committee to review the buyout proposal.
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