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Canadian Retail Giant Alimentation Couche-Tard Makes $38bn Bid for 7-Eleven

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In a potential record-breaking foreign takeover, Canadian convenience store titan Alimentation Couche-Tard (ACT) has made a bid worth $38 billion (£29.2 billion) to acquire Japanese-owned 7-Eleven. If the deal goes through, it could represent the largest foreign acquisition by a Canadian company in history.

Alimentation Couche-Tard, which owns the Circle K brand, made its approach on Monday in a move that would significantly expand its footprint in North America and beyond. The deal would more than double ACT’s presence in the U.S. and Canada, bringing its total number of locations to over 20,000.

Deal Details and Potential Impact

The offer, valued at 5.6 trillion Japanese yen, was 20% higher than 7-Eleven’s pre-bid stock market price in Japan. ACT described the proposal as a “friendly, non-binding” offer but noted that the deal was far from guaranteed.

“The company is focused on reaching a mutually agreeable transaction that benefits both companies’ customers, employees, franchisees, and shareholders,” ACT said in a statement.

Meanwhile, Seven & i Holdings, the Tokyo-based parent company of 7-Eleven, has formed a special committee to evaluate the bid. “The special committee intends to conduct a prompt, careful, and comprehensive review of the proposal,” the company announced.

Should the deal proceed, it could face scrutiny from competition regulators in North America, given the dominance of both companies in the convenience store sector. Currently, 7-Eleven operates more than 13,000 stores in the U.S. and Canada, while Couche-Tard has more than 9,000.

Background and Market Context

The offer comes at a time of significant financial shifts in Japan, where the stock market recently experienced record volatility due to the central bank’s decision to raise borrowing costs. This market turbulence may have motivated Seven & i Holdings to consider selling some of its assets.

7-Eleven, originally brought to Japan from the U.S. in 1974 by retail tycoon Masatoshi Ito, has grown into a global powerhouse with 85,000 stores across 20 countries and territories. Ito, who passed away in 2023 at the age of 98, is credited with transforming the brand into a dominant force in the convenience store industry.

ACT, headquartered in Quebec and listed on the Toronto Stock Exchange, operates roughly 17,000 stores across 30 countries under the Circle K and Couche-Tard brands. With a market valuation of approximately 80 billion Canadian dollars ($58.2 billion; £45 billion), ACT is already a significant player in the global retail space.

The Road Ahead

If a deal is reached, the combined entity would become one of the largest convenience store operators in the world. However, regulatory challenges loom, particularly concerning anti-competition laws in North America. Both companies have extensive networks in the U.S. and Canada, which could attract scrutiny from federal watchdogs.

Additionally, the deal’s impact on the convenience store market across Asia, Europe, and North America could reshape the global retail landscape. For now, the industry is watching closely as discussions between ACT and Seven & i Holdings progress.

If successful, the acquisition would mark a significant milestone in the global expansion of Alimentation Couche-Tard, solidifying its position as a retail giant and setting the stage for further growth in the highly competitive convenience store sector.

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Langford, Heim lead Rangers to wild 13-8 win over Blue Jays

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ARLINGTON, Texas (AP) — Rookie Wyatt Langford homered, doubled twice and became the first Texas player this season to reach base five times, struggling Jonah Heim delivered a two-run single to break a sixth-inning tie and the Rangers beat the Toronto Blue Jays 13-8 on Tuesday night.

Leody Taveras also had a homer among his three hits for the Rangers.

Langford, who also walked twice, has 12 homers and 25 doubles this season. He is hitting .345 in September.

“I think it’s really important to finish on a strong note,” Langford said. “I’m just going to keep trying to do that.”

Heim was 1-for-34 in September before he lined a single to right field off Tommy Nance (0-2) to score Adolis García and Nathaniel Lowe, giving Texas a 9-7 lead. Heim went to the plate hitting .212 with 53 RBIs after being voted an All-Star starter last season with a career-best 95 RBIs. He added a double in the eighth ahead of Taveras’ homer during a three-run inning.

Texas had 13 hits and left 13 men on. It was the Rangers’ highest-scoring game since a 15-8 win at Oakland on May 7.

Matt Festa (5-1) pitched 1 1/3 scoreless innings to earn the win, giving him a 5-0 record in 13 appearances with the Rangers after being granted free agency by the New York Mets on July 7.

Nathan Eovaldi, a star of Texas’ 2023 run to the franchise’s first World Series championship, had his worst start of the year in what could have been his final home start with the Rangers. Eovaldi, who will be a free agent next season, allowed 11 hits (the most of his two seasons with Texas) and seven runs (tied for the most).

“I felt like early in the game they just had a few hits that found the holes, a few first-pitch base hits,” said Eovaldi, who is vested for a $20 million player option with Texas for 2025. “I think at the end of the day I just need to do a better job of executing my pitches.”

Eovaldi took a 7-3 lead into the fifth inning after the Rangers scored five unearned runs in the fourth. The Jays then scored four runs to knock out Eovaldi after 4 2/3 innings.

Six of the seven runs scored against Toronto starter Chris Bassitt in 3 2/3 innings were unearned. Bassitt had a throwing error during Texas’ two-run third inning.

“We didn’t help ourselves defensively, taking care of the ball to secure some outs,” Blue Jays manager John Schneider said.

The Blue Jays’ Vladimir Guerrero Jr. had a double and two singles, his most hits in a game since having four on Sept. 3. Guerrero is hitting .384 since the All-Star break.

TRAINER’S ROOM

Blue Jays: SS Bo Bichette (calf) was activated and played for the first time since July 19, going 2 for 5 with an RBI. … OF Daulton Varsho (shoulder) was placed on the 10-day injured list and will have rotator cuff surgery … INF Will Wagner (knee inflammation) was placed on the 60-day list.

UP NEXT

Rangers: LHP Chad Bradford (5-3, 3.97 ERA) will pitch Wednesday night’s game on extended five days’ rest after allowing career highs in hits (nine), runs (eight) and home runs (three) in 3 2/3 innings losing at Arizona on Sept. 14.

Blue Jays: RHP Bowden Francis (8-4, 3.50) has had two no-hitters get away in the ninth inning this season, including in his previous start against the New York Mets on Sept. 11. Francis is the first major-leaguer to have that happen since Rangers Hall of Famer Nolan Ryan in 1989.

AP MLB:

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Billie Jean King set to earn another honor with the Congressional Gold Medal

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WASHINGTON (AP) — Billie Jean King will become the first individual female athlete to be awarded the Congressional Gold Medal.

Reps. Brian Fitzpatrick of Pennsylvania and Mikie Sherrill of New Jersey announced Tuesday that their bipartisan legislation had passed the House of Representatives and would be sent to President Joe Biden for his signature.

The bill to honor King, the tennis Hall of Famer and activist, had already passed unanimously in the Senate.

Sherrill, a Democrat, said in a statement that King’s “lifetime of advocacy and hard work changed the landscape for women and girls on the court, in the classroom, and the workplace.”

The bill was introduced last September on the 50th anniversary of King’s victory over Bobby Riggs in the “Battle of the Sexes,” still the most-watched tennis match of all-time. The medal, awarded by Congress for distinguished achievements and contributions to society, has previously been given to athletes including baseball players Jackie Robinson and Roberto Clemente, and golfers Jack Nicklaus, Byron Nelson and Arnold Palmer.

King had already been awarded the Presidential Medal of Freedom in 2009. Fitzpatrick, a Republican, says she has “broken barriers, led uncharted paths, and inspired countless people to stand proudly with courage and conviction in the fight for what is right.”

___

AP tennis:

The Canadian Press. All rights reserved.

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Account tweaks for young Instagram users ‘minimum’ expected by B.C., David Eby says

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SURREY, B.C. – Premier David Eby says new account control measures for young Instagram users introduced Tuesday by social media giant Meta are the “minimum” expected of tech companies to keep kids safe online.

The parent company of Instagram says users in Canada and elsewhere under 18 will have their accounts set to private by default starting Tuesday, restricting who can send messages, among other parental controls and settings.

Speaking at an unrelated event Tuesday, Eby says the province began talks with social media companies after threatening legislation that would put big tech companies on the hook for “significant potential damages” if they were found negligent in failing to keep kids safe from online predators.

Eby says the case of Carson Cleland, a 12-year-old from Prince George, B.C., who took his own life last year after being targeted by a predator on Snapchat, was “horrific and totally preventable.”

He says social media apps are “nothing special,” and should be held to the same child safety standards as anyone who operates a place that invites young people, whether it’s an amusement park, a playground or an online platform.

In a progress report released Tuesday about the province’s engagement with big tech companies including Google, Meta, TikTok, Spapchat and X, formerly known as Twitter, the provincial government says the companies are implementing changes, including a “trusted flagger” option to quickly remove intimate images.

— With files from The Associated Press

This report by The Canadian Press was first published Sept. 17, 2024

The Canadian Press. All rights reserved.



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