FTC To Investigate $38.5 Billion Convenience Store Takeover

The U.S. Federal Trade Commission has initiated an investigation into a proposed $38.5 billion takeover of the Japanese convenience store chain Seven & i by Canada's Alimentation Couche-Tard. The Japanese company had rejected the offer due to antitrust concerns, leading to the FTC's current probe.

The U.S. Federal Trade Commission has notified Seven & i of its intention to investigate a potential takeover of the convenience store chain by Canada's Alimentation Couche-Tard over antitrust concerns, according to a source familiar with the matter.

Couche-Tard had proposed to buy Seven & i for $38.5 billion, but the Japanese retail giant rejected the offer, citing U.S. antitrust concerns as a significant reason. The FTC sent Seven & i the notice of its intent after the offer became public on Aug. 19, the source stated, requesting anonymity as they were not authorized to speak publicly.

The FTC could not immediately be reached for comment.

(With inputs from agencies.)