(Reuters) – Canada’s Alimentation Couche-Tard confirmed on Monday it has made an offer to buy Japan’s Seven & i.
The 7-Eleven owner had said earlier on Monday it had received a preliminary takeover offer from Couche-Tard and has formed a special committee to review the proposal.
Shares of Seven & i closed up about 23% in Tokyo, valuing the retailer at around 5.6 trillion yen ($38 billion).
As of Friday’s close, Couche-Tard, which operates Circle-K convenience stores, was valued at C$79.65 billion ($58.25 billion).
($1 = 1.3673 Canadian dollars)
($1 = 146.0500 yen)
(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Sriraj Kalluvila)
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