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▼ Trader Itochu Weighs Joining Seven & I Management Buyout Plan
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Japanese trading house Itochu Corp said Thursday it is considering joining other companies in a management buyout of Seven & i Holdings Co proposed by its founding family to fend off a takeover bid by Canada's Alimentation Couche-Tard Inc.
While no decisions have yet been made, Itochu is "able to handle any scenario" as securing funds for the massive investment would not be an issue, Executive Vice President Tsuyoshi Hachimura said at a press conference on its latest earnings.
Sources close to the matter said last month that Itochu, which owns convenience store chain FamilyMart Co., was considering investing around 1 trillion yen in the Japanese operator of the Seven-Eleven convenience store chain as part of the buyout plan.
The founding family has been seeking loans and investments from banks and investment funds to help finance the buyout deal, estimated at around 9 trillion yen.
But Hachimura declined to comment on the progress of the plan, saying "Itochu is just one piece of the overall picture. You should ask other (firms)."
Seven & i said last year that it had received a takeover bid from Alimentation Couche-Tard, the operator of Circle K convenience stores, with the offer exceeding 7 trillion yen.
While no decisions have yet been made, Itochu is "able to handle any scenario" as securing funds for the massive investment would not be an issue, Executive Vice President Tsuyoshi Hachimura said at a press conference on its latest earnings.
Sources close to the matter said last month that Itochu, which owns convenience store chain FamilyMart Co., was considering investing around 1 trillion yen in the Japanese operator of the Seven-Eleven convenience store chain as part of the buyout plan.
The founding family has been seeking loans and investments from banks and investment funds to help finance the buyout deal, estimated at around 9 trillion yen.
But Hachimura declined to comment on the progress of the plan, saying "Itochu is just one piece of the overall picture. You should ask other (firms)."
Seven & i said last year that it had received a takeover bid from Alimentation Couche-Tard, the operator of Circle K convenience stores, with the offer exceeding 7 trillion yen.
- 9/2 21:14
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