FTC To Investigate $38.5 Billion Convenience Store Takeover

The US 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 US antitrust concerns as a significant reason. The FTC sent Seven & and 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.)