Japan’s finance minister says Seven & i’s new ‘core’ label doesn’t raise the bar for buying By Reuters

TOKYO (Reuters) – Finance Minister Shunichi Suzuki said on Tuesday that Japanese retail giant Seven & i Holdings’ new status as a “core” national security company would not raise additional obstacles to a potential acquisition.

Seven & i, owner of convenience stores 7-Eleven, which recently rejected a $38.5 billion takeover bid from Canada’s Alimentation Couche-Tard, was among 88 companies newly added to the list last week.

When a company is classified as core, foreign entities wishing to purchase a stake of 1% or more in a Japanese firm must, in principle, submit a national security assessment to the Japanese government prior to the purchase.

However, in cases where control is requested, Suzuki said advance notice for a review is required “regardless of whether they are classified as core or non-core.”

“We cannot say that the basic classification makes a purchase more difficult,” he added.