National Security Concerns Amid Seven & i Buyout Talks

Japan's economy minister Ryosei Akazawa has connected the potential acquisition of retail giant Seven & i by Canada's Alimentation Couche-Tard to national security concerns. The company, pivotal to Japan's economy and owner of 7-Eleven, has rejected the buyout offer due to potential risks associated with foreign ownership.

Japan's economy minister, Ryosei Akazawa, emphasized national security implications tied to a possible foreign acquisition of retail giant Seven & i, a pivotal entity for the country's economy. Akazawa's remarks came in response to a $47 billion buyout offer by Canada's Alimentation Couche-Tard.

Despite Seven & i's classification as core to national security in Japan, which fueled speculation about defensive motives, the finance ministry asserted that this would not impede potential buyouts. The company's founding family is considering taking the business private to counter the foreign takeover bid.

Akazawa noted the critical role of convenience stores during national emergencies, questioning the efficacy of foreign-controlled entities in supporting disaster-stricken regions. He expressed these concerns alongside observations about global protectionist trends, highlighting President Joe Biden's recent blockage of Nippon Steel's acquisition of U.S. Steel.

(With inputs from agencies.)