Canadian company Alimentation Couche-Tard has dismissed rumors of a hostile takeover of Japanese firm Seven & i. This news was confirmed by Alain Bouchard, the chairman and co-founder of the Canadian firm, in an interview with the Japanese press.

Bouchard clarified that a hostile acquisition was not on their agenda, indicating instead a preference for a friendly takeover, as reported by the Nikkei.

Alimentation Couche-Tard, a rival of Seven & i in the North American fuel station market, had earlier proposed a bid to acquire the Japanese retail behemoth. The Canadian company subsequently increased its offer to a whopping $47 billion, which, if accepted, would mark the most significant foreign acquisition of a Japanese firm to date.

Seven & i, the company behind over 80,000 7-Eleven convenience stores worldwide, finds itself in a complex battle between Alimentation Couche-Tard, its founding family who are advocating for a management buyout, and its management team who believe their growth strategy can add value to the company.

Alimentation Couche-Tard’s CEO, Alex Miller, was also present during the interview. He was asked if the company could escalate its bid, to which he responded that the current offer is appealing to all parties involved.

In essence, this developing story is a must-watch for investors and individuals with a vested interest in the retail and convenience store sector. However, the primary focus of this report is to share the facts of this potential business deal, rather than to offer investment advice.