Japan’s retail giant Seven & i Holdings is said to be considering unloading some of its shares in its banking unit. The move is seen as a bid to boost corporate value in the face of a takeover offer by a major Canadian convenience store operator.
Sources say Seven & i may sell part of its 46.4 percent stake with voting rights in Seven Bank. The bank operates ATMs mainly at 7-Eleven outlets.
The scope of the sale and the envisioned buyer are apparently still undecided.
Observers say Seven & i aims to focus on its mainstay convenience store operation while making the bank a more independent entity.
They also believe it hopes to boost asset management efficiency and corporate value by reducing shareholdings in the banking unit.
Seven & i rejected a takeover offer from Canadian convenience store operator Alimentation Couche-Tard last month, saying it “grossly undervalues” the company. But it added it remains open to talks with the Canadian firm if it presents an offer recognizing the “standalone intrinsic value.”