Shares of 7-Eleven owner Seven & i soared nearly 11% on Wednesday after a report said the company's founding family was raising more than $50 billion to take the company private within this fiscal year.
According to a report by Japanese public broadcaster NHK, the founding family will raise over 8 trillion yen ($51.66 billion) from "three Japanese megabanks and major American financial institutions," according to a Google translation of the report in Japanese.
Should this acquisition go through, it will be the largest buyout of a Japanese company to date, NHK said.
Seven and i said "no decision has been made regarding a proposed deal with Junro Ito, Ito Kogyo, ACT [Alimentation Couche-Tard] or other third parties at this time," Reuters reported.
Junro Ito is Seven & i's vice president and the son of late Masatoshi Ito, founder of Seven & i. Ito-Kogyo is a company affiliated with the vice president, and is Seven and i's second-largest stakeholder with an 8.2% stake.
Persons:
Junro Ito, Ito Kogyo, Masatoshi Ito, Ito, Tard
Organizations:
NHK, Seven, ACT, Reuters