Couche-Tard chief says no NDA signed with Seven & i on potential store divestments

Alimentation Couche-Tard chief executive Alex Miller said on Wednesday no non-disclosure agreement had been signed over potential stores needed to be sold by the Canadian company and Japan's Seven & i to meet US antitrust conditions for a deal.

Earlier in the day, a Seven & i spokesperson said the companies had signed NDAs in early March and only cover stores that are likely divestiture candidates.

"We have not signed an NDA with Seven & i. We are working with Seven & i together around a marketing package of what a divestment would look like in the United States," Miller said in a post-earnings call.

"That marketing program has begun, and there are NDAs being signed by potential buyers in that process," he added.

Seven & i and Couche-Tard said last week that they were working together on sounding out buyers.

Couche-Tard submitted a US$47 billion (HK$366.6 billion) buyout offer for Seven & i last year, but the operator of the 7-Eleven convenience store chain has resisted signing an NDA and offering due diligence on its entire business, citing antitrust hurdles in the US.

Quebec-based Couche-Tard has said signing a full NDA would allow it to make an enhanced offer. However, Seven & i has said they must first find a credible buyer for 2,000 or more stores in the U.S., or there would be an unacceptable risk should the deal be blocked.

In early March, the Canadian company said it could sweeten its US$47 billion bid if the Japanese firm cooperates and also signaled that it remained confident about overcoming antitrust concerns.

REUTERS