Japanese retail conglomerate Seven & i Holdings has been designated as “core” to the national security of Japan, Reuters has reported, citing an updated finance ministry list.
The information comes after a Japanese senior finance ministry official clarified in September 2024 that companies cannot use the country’s national security as a pretext to block foreign takeovers.
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The finance ministry of Japan has updated its list, classifying Seven & i Holdings as integral to national security.
When a Japanese firm is considered “core,” foreign entities must seek a national security review for stakes of 1% or more.
For full buyouts, this review is mandatory for key companies such as Seven & i, regardless of their classification.
The official stance is that Seven & i’s classification does not alter the scrutiny level or review process for bids to acquire the company entirely.
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By GlobalDataThe ministry’s classification list, updated almost annually, includes companies from sectors vital to Japan’s economy and security.
Seven & i is one of 88 new additions.
In August 2024, Seven & i Holdings, the Japan-based owner of the 7-Eleven convenience store chain, received a preliminary takeover offer from Canadian rival Alimentation Couche-Tard (ACT).
But the company rejected the $38.5bn cash bid, saying that the proposal does not align with shareholder interests and with anticipated significant antitrust hurdles in the US market.
Seven & i has engaged Nomura to advise its special committee on the potential takeover by Couche-Tard.
