LONDON: 7-Eleven stores operator Seven & i is seeking designation as a "core" company in Japan to ensure sharper government oversight on some purchases of its shares, Bloomberg News said, amid takeover talks with Alimentation Couche-Tard.
The report cited people familiar with the matter and said Japan's Ministry of Finance would have to thoroughly investigate any entity which seeks to acquire more than 10 per cent of a company considered part of a core industry.
Seven & i Holdings declined a Reuters request for comment.
Canada's Alimentation Couche-Tard sounded out the 7-Eleven owner about a potential takeover last week, making it the largest Japanese target of a foreign buyout.
Seven & i formed a special committee to review the proposal, but said last week no decision had been made by either the committee or its board of directors.
It was not clear whether the ministry and other relevant government agencies would approve Seven & i's application to become a core company under the Foreign Exchange and Foreign Trade Act, the report said, adding that under the company's current "non-core" status, a takeover effort would require approval only after an agreed deal.