The Globe and Mail reports in its Friday edition that Alimentation Couche-Tard took its fight for the 7-Eleven chain directly to Japan, holding a news conference in Tokyo to explain why the Canadian convenience-store player would make a good owner. The Globe's James Griffiths and Nicolas Van Praet write that Couche-Tard is on a publicity blitz to win over a suspicious Japanese public and put 7-Eleven owner Seven & i's feet to the fire. Chairman Alain Bouchard said he had been "disappointed" by Seven & i's frostiness to Couche-Tard's offer, now worth about $50-billion (U.S.), as well as its preoccupation with potential U.S. antitrust issues, saying there was a "clear path to regulatory approval" in what would be the combined company's biggest market. Seven & i had called for Couche-Tard to commit to selling off its U.S. assets, given that combining 7-Eleven stores with Couche-Tard's Circle K stores would see the merged company controlling about 20,000 outlets, more than 7.6 times the number of nearest competitor Casey's. "We may be able to enhance our proposal through [due] diligence as we form a greater understanding of the opportunity," Mr. Bouchard said. "Unfortunately, we haven't had access to anything."
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