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Martin Landry, managing director at investment bank Stifel, said Couche-Tard’s decision was not a surprise.

“Couche-Tard faced challenges since the beginning of this process when its offer got leaked, forcing the company to disclose publicly its intentions but with limited details on rationale, strategy, synergies, financing and accretion,” Landry wrote in a report. 

“Hence, from the get-go investors have been hesitant regarding this potential acquisition, standing on the sideline waiting to get more details.”

Had the deal gone ahead, it would have handed Couche-Tard a dominant position in the global convenience store game.

Couche-Tard was critical of the way the talks with the Japanese company were handled in giving up its pursuit of a deal.

“We are not able to effectively pursue this combination without deeper and genuine further engagement from 7&i leadership and the special committee,” it said.

For its part, Seven & i Holdings Co. Ltd. says it engaged in good faith and constructively with the Quebec-based company to explore the possibility of reaching a deal.

“At the same time, we were always honest about the extraordinary antitrust hurdles a potential transaction would face, including the protracted timeframe to move through the regulatory process,” Seven & i said in a statement.

Couche-Tard spent nearly a year courting the Japanese company, which also holds a broader portfolio of supermarkets, food producers and financial services companies.

Shares in Couche-Tard were up $5.35 or about eight per cent at $73.67 in late-morning trading on the ÎÚÑ»´«Ã½ Stock Exchange.

This report by The Canadian Press was first published July 17, 2025.

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