Canadian retailer Alimentation Couche-Tard has officially withdrawn its $47 billion takeover bid for Japan's Seven & i Holdings, the parent company of the 7-Eleven convenience store chain. The decision, announced on July 16, 2025, came after nearly a year of negotiations and was attributed to a "lack of constructive engagement" from Seven & i. Couche-Tard criticized Seven & i for what it described as a "calculated campaign of obfuscation and delay," and cited withholding of key financial information as factors that hindered progress. Following the withdrawal, trading of Seven & i shares was temporarily halted on the Tokyo Stock Exchange, and the stock subsequently dropped by nearly 9% to 10%. Seven & i responded by disputing many of Couche-Tard's claims and expressed disappointment with the withdrawal but noted it was an anticipated outcome. The failed acquisition attempt ends what could have been the largest foreign takeover of a Japanese company and a potential transformation of Couche-Tard into a global convenience store powerhouse. The deal's collapse has raised questions about Seven & i's growth strategy and its ability to create shareholder value independently amid intensifying competition in the convenience store sector. The withdrawal also means that major Wall Street banks, including Goldman Sachs and Morgan Stanley, will miss out on substantial fees from the deal. The episode has sparked debate in Tokyo regarding the challenges foreign companies face in pursuing mergers and acquisitions in Japan.