The Couchen-Tard rejects the cartel concerns of Seven & I’s Cartel representative over $ 47 billion

By Anton Bridge and Abigail Summerville

Tokyo (Reuters)-The approval of Canada on Tuesday said that it was confident that there is a “clear way” to overcome the American regulatory hurdles in its proposed takeover of $ 47 billion from Japan’s seven & i, and expressed frustration about the “limited engagement of the 7-eleven owner”.

The Circle K owner has been following seven for months and when he received frosty reception from the Japanese retail giants.

“We have repeated several times in the past few months that we intend to be friendly and persistent in carrying out a transaction,” Couche-Dard said in a statement and rejected the position of the Japanese company that the potentially transformation business is exposed to large regulatory hurdles.

“We did that in view of the considerable frustration and distraction,” added.

In some of his most detailed public comments, Couche-Dard said that it worked with Seven & I through a plan to sell some of its shops in the United States if the deal should go through.

The comments are the youngest salva in the largest abroad of Japan in history and contradict Seven & IS Newly appointed CEO Stephen Dacus, who has repeated that significant regulatory hurdles of a merger stand in the way of a merger.

Companies are the two best players on the US Convenience Store market with around 20,000 locations.

“We are firmly convinced that there is a clear way in the United States for the official approval,” said Couche-Dard, adding that they are “continued to be disappointed that the commitment was very limited.”

Seven and I did not immediately answer a request for comment.

Couchen-Tard, which runs the circular chain of Convenience stores, said that a portfolio of US stores had identified in order to have started talking to potential buyers from the year in the walking of Seven & I.

In the past few weeks, both seven & i and couch-hard have contacted potential buyers, including both strategic buyers and private equity companies to measure interest in the sale package, a person who is familiar with the advice of Seven & I.

The Couchen-Tard had to find a clear sale of sales that identified certain business, a time frame and a credible buyer before being considered to share confidential information with her competitor, the person added.

At the end of December, the Canadian freelancer submitted a proposal to the Japanese company in which the obligations he should enter into to fulfill the regulatory approval of the United States and to secure the deal. This included the number of shops that it was willing to sell, and a large termination fee.