Canada’s Couche-Tard offers to buy Japan’s Seven & i

News of the deal sent shares of Seven & i surging by almost 23% in Tokyo, valuing the retailer at around 5.6 trillion yen ($38 billion).

Canada’s Alimentation Couche-Tard has sounded out Japan’s Seven & i about a potential takeover, the two companies said on Monday, making the 7-Eleven owner the largest-ever Japanese target of a foreign buyout.