The Japanese Ito family, which owns the 7-Eleven subsidiary $8183 & I , wants to use the capital of US fund Apollo Global Management and the owner of Japanese competitor FamilyMart to prevent a possible takeover by Canadian conglomerate $ATD (-1,07%) Couche-Tard .

55 billion needed

Apollo Global Management has agreed to contribute 1.5 trillion yen (9.1 billion euros) to the deal, while Familymart's Itochu is expected to invest over one trillion yen (6 billion euros). The total amount needed for the acquisition is estimated at 9 trillion yen (55 billion euros) and will be backed by major Japanese banks, reports The Japan Times.

This strategic move is in response to an unsolicited takeover bid from Canada's Couche-Tard last year, which raised significant concerns at Seven & I. The Board of Directors is currently reviewing both offers and points out that many details still require further clarification. At the same time, Seven & I is working on a restructuring plan to separate its profitable convenience store business from its weaker retail segments.

Damage if the deal does not work out, if not other companies will be found.

Source: retaildetail.eu