Canadian convenience store operator Alimentation Couche-Tard has officially withdrawn its $47 billion takeover bid for Japan's Seven & i Holdings, the parent company of 7-Eleven. The decision, announced on July 16, 2025, came after nearly a year of negotiations marked by what Couche-Tard described as a persistent lack of constructive and good faith engagement from Seven & i. Couche-Tard accused the Japanese retailer of engaging in obfuscation and delay tactics, which hindered progress on the proposal. The withdrawal ends what could have been the largest foreign acquisition of a Japanese company and a deal that would have transformed Couche-Tard into a global convenience store powerhouse. Following the announcement, trading in Seven & i shares was halted temporarily on the Tokyo Stock Exchange, with shares dropping nearly 9% and extending losses to around 10%. Seven & i responded to the withdrawal by disputing many of Couche-Tard's claims, describing them as inaccurate and expressing regret over the decision while reaffirming its commitment to pursuing value creation independently. The failed bid has raised questions about Seven & i's growth strategy, especially amid intensifying competition in Japan's convenience store sector and challenges related to consumer spending. The deal's collapse also means lost advisory fees for Wall Street banks involved. The episode has sparked debate over the challenges foreign companies face in acquiring Japanese firms and the complexities of cross-border mergers and acquisitions in this sector.