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 (-2,26 %)
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