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Citigroup is expanding its investment banking team in Japan, anticipating a rebound in the country's deal fee pool after years of stagnation. The firm plans to increase its workforce by 15%, focusing on merger advisory and securities underwriting, as companies prioritize shareholder returns. With over $230 billion in mergers and acquisitions last year, Citigroup has climbed to sixth in Japan-related merger advisory for 2025, reflecting a growing optimism in the market.
Japanese retailer Seven & i Holdings is reportedly considering the sale of its US 7-Eleven outlets to address antitrust concerns amid takeover discussions with Alimentation Couche-Tard. While the company has not accepted Couche-Tard’s US$47 billion acquisition proposal, it indicated that divesting US stores would be necessary for the deal to move forward. The two companies have signed a confidentiality agreement to explore potential buyers for the US operations.
Alimentation Couche-Tard is actively promoting its $47 billion bid for Seven & i, the owner of 7-Eleven, amid resistance from the Japanese retailer, which cites antitrust concerns. The Canadian firm, which has increased its offer to $18.19 per share, is seeking to address public fears about a foreign takeover affecting food quality. Couche-Tard's founder expressed frustration over limited access to information and the lack of engagement from Seven & i, especially following recent board resignations.
Warren Lichtenstein, known for his aggressive takeover attempts in Japan during the mid-2000s, is contemplating a return to the Japanese market after over a decade. This potential move reflects significant shifts in Japan's corporate landscape, where shareholder activism has gained traction and companies are increasingly receptive to unsolicited bids. Recent changes in corporate governance and takeover guidelines further enhance the environment for investment, making Japan attractive for investors seeking to unlock value in undervalued companies.
Royal Bank of Canada exceeded analyst expectations with Q4 adjusted earnings per share of $3.07 and revenue of $15.1 billion. In South Korea, President Yoon Suk Yeol rescinded his martial law declaration amid political turmoil, facing potential impeachment. Seven & i Holdings Co. plans a $60 billion buyout that includes an IPO for its North American assets, while Dollarama aims to expand in Western Canada with a new logistics hub. Foot Locker shares fell 19% after missing earnings expectations and announcing store closures.
Seven & i Holdings Co. is pursuing a ¥9 trillion ($60 billion) management buyout that will include an IPO for its North American convenience stores and gasoline stations. This move aims to alleviate financing concerns amid a competing ¥7.1 trillion offer from Alimentation Couche-Tard Inc. The Ito family is working to formalize their proposal while planning to use the IPO proceeds to repay loans from three major Japanese banks involved in the buyout.
Shares of Seven & i Holdings Co. increased by 2.2% following reports that KKR & Co. is considering an investment in York Holdings, which encompasses supermarkets and restaurants that may be separated from Seven & i. Initial bidding for this unit is set to close on November 28, with Sumitomo Corp. also expressing interest, according to reports.
Alimentation Couche-Tard Inc. is determined to pursue its acquisition of Seven & i Holdings Co., despite a competing management buyout proposal valued at approximately $58 billion. CEO Alex Miller emphasized the company's commitment to a friendly approach that benefits all stakeholders involved.
Japan's leading financial firms are vying for roles in what could be the largest buyout deal in history. Itochu Corp. has engaged Daiwa Securities Group Inc., while the founding Ito family has selected SMBC Nikko Securities Inc. as financial advisers for their ¥9 trillion ($58.4 billion) bid to take Seven & i Holdings Co. private.
Alain Bouchard, founder and chairman of Alimentation Couche-Tard Inc., has ruled out a hostile takeover of Seven & i Holdings Co. while maintaining his ¥7.3 trillion ($47.3 billion) buyout proposal. This follows a competing ¥9 trillion management buyout offer from the Ito family, backed by banks and Itochu Corp.
Seven & i Holdings Co., Ltd.
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citigroup expands investment banking team in japan amid dealmaking optimism
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