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Partial stake goes to SevenBank/Itochu

Japan's Seven & i Holdings plans to sell a partial stake in Seven Bank to trading house Itochu, with an announcement expected as early as May 30, the Nikkei business reported on Tuesday.

Seven & i will first discuss with Itochu the transfer of a stake of about 10 percent in Seven Bank, worth about 30 billion yen ($208 million), held by group supermarket operators Ito-Yokado and York Benimaru, the Nikkei reported.

Seven & i wants to focus on its core convenience store business as it faces a takeover bid from Canada's $ATD (+0,17 %)

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Alimentation Couche-Tard.

Shares in Seven Bank rose more than 8% after the report. A spokesman for Seven & i said he could not immediately comment.


Source: investing.com

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