TOKYO — Japanese trading house Itochu will not participate in the buyout of Japan’s Seven & i Holdings planned by the founding family of the retail conglomerate, a source familiar with the matter told Nikkei.
The plan, aimed at fending off a takeover bid from Canada’s Alimentation Couche-Tard, will be forced to start anew as difficulties have arisen in raising the 8 trillion yen ($53.5 billion) needed to privatize the company.
