Seven & i Not to Invest in Polish Convenience Store Chain

Tokyo, July 27 (Jiji Press)–Japanese retail giant Seven & i Holdings Co. has announced a decision to drop a plan to invest in leading Polish convenience store operator Zabka Group. The parent of convenience store chain Seven-Eleven Japan Co. had been considering investment in Zabka by acquiring shares in the Polish company from entities including an investment fund. But Seven & i said in a statement released over the weekend that it “was unable to reach an agreement with the seller on terms that…would be in the best interests” of its shareholders and other stakeholders. “Discussions regarding a potential investment in Poland’s largest convenience store chain have concluded,” and Seven & i “has decided not to proceed with the proposed investment at this time,” it also said. The Japanese company has a total of about 87,000 outlets at home and abroad. But many of its overseas stores are located in Asia and North America, while its presence in Europe has been limited to Nordic countries such as Denmark and Norway. Noting that Europe “remains an attractive growth opportunity,” Seven & i said that it will “continue to evaluate opportunities in the region that are consistent with its strategy and have the potential to create sustainable long-term value.” END [Copyright The Jiji Press, Ltd.]