LAVAL, Que. — Alimentation Couche-Tard Inc.’s incoming CEO says the company is “confident” it can close on a blockbuster bid to take over 7-Eleven-owner Seven & i Holdings Co. Ltd.
Alex Miller, who is currently the Laval, Que.-based convenience store chain’s president, says he believes the company has what it takes to not just finance the offer but also complete an acquisition.
Couche-Tard revealed in mid-August that it had made a friendly, non-binding bid to acquire all outstanding shares in Seven & i.
On top of global convenience store chain 7-Eleven, Japan-based Seven & i owns supermarkets, food producers, household goods retailers and financial services companies.
Analysts have cast doubt on whether the two companies can reach a deal because they believe satisfying Japanese regulators will be onerous and could force Couche-Tard to let go of some of its assets.
Miller’s remarks came on a call with analysts that was meant to delve into the company’s second-quarter net earnings attributable to shareholders, which reached US$790.80. That total was down from US$834.1 million in the same quarter last year.
This report by The Canadian Press was first published Sept. 5, 2024.
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The Canadian Press