Circle K moves in on 7-Eleven

Canadian retailer looks to acquire 7-Eleven owner, Seven & i Holdings.

Alimentation Couche-Tard, a Canadian multinational convenience store operator, has confirmed its interest in acquiring Japanese company, Seven & i Holdings - owners of the ubiquitous 7-Eleven chain.

"We have recently submitted a friendly, non-binding proposal," said Couche-Tard in a news release, expressing their desire for a "mutually agreeable transaction."

Seven & i Holdings, which operates over 80,000 7-Eleven stores globally, acknowledged the proposal and has formed a "special committee" to review the offer. They pledged a "prompt, careful, and comprehensive" evaluation.

The potential acquisition, if successful, would be a huge deal. Valued at around $38 billion, Seven & i Holdings is now the largest-ever Japanese target of a foreign buyout. Couche-Tard, also a major player with a $58 billion valuation, operates nearly 17,000 stores in 31 countries, many under the Circle K brand in the US.

With 7-Eleven stores in Japan resembling small supermarkets, this acquisition could significantly boost Couche-Tard's presence in Asia and change the retail landscape. Shareholders and customers alike await the outcome of Seven & i Holding's review with bated breath.

Contributing: Makiko Yamazaki, Kane Wu and Anton Bridge, Reuters.