7-Eleven gets takeover offer
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 19 August 2024
⏱️ 7 minutes
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Summary
From the BBC World Service: The owner of convenience store giant 7-Eleven has received a takeover offer from Canadian rival Alimentation Couche-Tard, which runs the Circle K chain. Then, long COVID has cost Australia’s economy over an estimated $6 billion, with 100 million working hours lost in 2022 alone. Then, Indonesia has inaugurated its new — and partially built — capital city of Nusantara, as part of an ambitious $30 billion plan.
Transcript
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| 0:00.0 | The company that owns 711 is the target of a big buyout. |
| 0:06.0 | Good morning, this is the Marketplace Morning Report and we are live from the BBC World Service. |
| 0:10.0 | I'm Leanna Byrne and thanks so much for tuning in. |
| 0:12.0 | Yeah, you heard that right. The Japanese |
| 0:14.3 | parent company of 7-11 has received a buyout offer from its Canadian rival Aliment Tasson-Coustar, which operates Circle K Stores. Tokyo based |
| 0:23.7 | 7 and I Holdings says it's considering the offer. |
| 0:27.0 | The BBC's Mariko Oi has more on this. |
| 0:28.9 | Hello. |
| 0:29.9 | Hello. |
| 0:30.9 | Mariko what do we know about this potential deal so far? |
| 0:35.1 | What we know is that there has been a buyout offer from a Canadian rival. |
| 0:40.1 | It's called Elementation Couch Tard, also known as ACT. |
| 0:44.2 | And they run brands like Circle K in North America and elsewhere. |
| 0:49.0 | So they made this buyout offer and I got in touch with 7 and I immediately to ask whether it's true |
| 0:55.2 | they confirmed that there has been a proposal and they have set up a special |
| 0:59.1 | committee to decide whether or not to accept the offer. Now shares in 7 and I jumped more than 20% on the news |
| 1:06.1 | so clearly investors are very excited about the possible deal of course it's very early stage as the company says, but at that price, you know, gave the |
| 1:16.7 | Japanese company a stock market valuation of around $39 billion. |
| 1:21.4 | So if it were to go ahead, it would be one of the biggest foreign |
| 1:25.0 | acquisitions of a Japanese company. Yeah what needs to happen for it to go ahead is |
| 1:29.4 | there any regulatory hurdles the steel might have to face? |
| 1:33.5 | I'm sure there will be but I think at this point it is this special committee as |
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