international

Canadian convenience store giant Alimentation Couche-Tard has withdrawn its US$47 billion takeover bid for Japan’s Seven and i Holdings, citing a lack of constructive engagement from the Japanese retailer. The move marks the collapse of what could have been the largest foreign acquisition of a Japanese company, as Couche-Tard, operator of Circle K, sought to create a global convenience store powerhouse by acquiring the company behind 7-Eleven. “There has been no sincere or constructive engagement from Seven and i that would facilitate the advancement of any proposal, contrary to comments made publicly by its representatives,” Couche-Tard said in a letter to its board of directors. The letter further accused Seven and i of engaging in “a calculated campaign of obfuscation and delay, to the great detriment of the company and its shareholders.” In response, Seven and i said it was “disappointed” by Couche-Tard’s decision and disagreed with “numerous mischaracterisations,” but added it was “not surprised” by the withdrawal. The development is seen as a test of Japan’s openness to foreign takeovers, coming shortly after Nippon Steel secured a US$14.9 billion deal to acquire US Steel. Shares in Seven and i were untraded on Wednesday due to an excess of sell orders. “We are very disappointed in what appears to be a lack of willingness to engage from Seven and i,” said Manoj Jain, co-founder and co-chief investment officer of Hong Kong-based Maso Capital. “We believe there is significant value to be realised in a combination and have expressed this view to the management and the board.” Couche-Tard had initially offered US$38.5 billion in October last year and raised its bid to US$47 billion. In March, the Canadian group indicated it was willing to increase the offer further if Seven and i provided greater financial transparency. Couche-Tard also worked with the Japanese firm on a store divestiture plan aimed at easing regulatory hurdles. The approach seemed to gain momentum after the Seven and i founding Ito family’s US$58 billion white-knight bid failed to secure financing. However, Couche-Tard said attempts to engage directly with the family were rebuffed. Despite a non-disclosure agreement between the companies, Couche-Tard criticised the “negligible” due diligence process, which it claimed was limited to “two tightly constrained management meetings.” The Canadian firm believed a full merger would have maximised shareholder value but explored alternative proposals, including acquiring all of Seven and i’s international business and 40 per cent of its domestic operations. Convenience stores in Japan are considered critical infrastructure due to their role in supporting communities during natural disasters. Seven and i reportedly countered with a proposal to sell its international business to Couche-Tard in exchange for a stake in the Canadian company. However, Couche-Tard dismissed the suggestion, arguing it would not deliver the “significant premium” offered in its original proposals. Under pressure to improve sluggish earnings and prove it can grow independently, Seven and i has announced a share buyback, divested non-core assets, and plans to list its North American convenience store operations. “We remain fully committed to our standalone value creation plan, which we have been pursuing in parallel,” Seven and i said. -Reuters

Halal Development Corporation Bhd (HDC) has secured potential sales valued at approximately RM345.2 million during the JFEX Summer Show 2025 in Tokyo, held from 9 to 11 July 2025. In a statement, HDC head of international cooperation Mohamad Romzi Sulaiman said the corporation’s participation underscores Malaysia’s commitment to expanding its halal footprint in Japan and across the region. “HDC’s presence at JFEX 2025 provided a strategic platform for 50 Malaysian halal-certified exporters and export-ready companies to showcase their products and services to the Japanese market and neighbouring countries. This initiative aimed to promote the Halal Malaysia brand while creating valuable trade and investment opportunities for Malaysian businesses,” he said. Over the three-day event, HDC facilitated more than 100 business-to-business meetings between Malaysian exhibitors and high-quality Japanese and international buyers. The engagements highlighted strong demand for Malaysia’s halal offerings, further strengthening the country’s position as a key player in the global halal market. -Bernama

The Urban Redevelopment Authority of Singapore has awarded a 1.58-hectare land parcel at Chuan Grove to Sing Holdings Residential Pte Ltd (SHRPL) and Sunway Developments Pte Ltd (SDPL), following the success of a joint tender by both parties. In a filing to Bursa Malaysia today, Sunway Bhd confirmed that the project involves a 99-year lease for residential development at a total consideration of S$703.6 million, equivalent to approximately RM2.33 billion. SDPL is a wholly owned subsidiary of Sunway Holdings Sdn Bhd, which is in turn wholly owned by Sunway Bhd. Sunway stated that SHRPL and SDPL will establish a joint venture company, with SHRPL and SDPL holding equity interests of 65 per cent and 35 per cent respectively, to undertake the development of the land parcel. The proposed development is expected to contribute positively to the earnings of the Sunway Group from the financial year ending 31 December 2026 onwards. -Bernama

Singapore Technologies Engineering and Singapore Power have agreed to sell their broadband joint venture SPTel to private equity firm Seraya Partners for an enterprise value of $290 million. Established in 1997 by Singapore Power, SPTel saw ST Engineering acquire a 51 per cent stake in May 2017. Seraya Partners, which manages assets worth US$1.8 billion according to its website, focuses on infrastructure investments across Asia. In a joint statement issued on 17 July, ST Engineering and SP said the transaction would allow SPTel to expand under new ownership with a primary mandate to invest in and grow digital infrastructure platforms. “With this strategic alignment, SPTel will be better placed to scale and provide a more diverse network in Singapore,” the companies stated. ST Engineering expects to book a one-off gain of approximately $80 million from the divestment, based on SPTel’s carrying value of around $65 million. The group confirmed the deal would not have a material impact on its net tangible assets or earnings for the current financial year. The agreed price represents an implied EV/revenue multiple of 4.1 times and EV/EBITDA multiple of 21.4 times, based on SPTel’s revenue and EBITDA for the year ended December 2024. Additionally, the sellers could receive an earn-out payment of up to $15 million if certain return thresholds for the buyer are met. SPTel recorded revenue of $72 million and a net loss of $4 million for the year ended December 2024. The proposed transaction is anticipated to close in the fourth quarter of 2025, subject to customary regulatory approvals. This divestment follows ST Engineering’s recent announcement to sell its US-based construction machinery unit, Leeboy, for US$290 million. On 16 July, ST Engineering shares closed at $8.34, rising 0.12 per cent. The stock remains the top-performing component of the Straits Times Index so far this year, registering a gain of nearly 80 per cent. -The Edge

Kuok Hui Kwong, chairman and executive director of Shangri-La Asia, will assume the role of chief executive officer effective 1 August. The appointment consolidates leadership within the group as it navigates a challenging operating environment. Kuok, 47, was appointed as an executive director in June 2016 and elevated to chairman six months later. The company stated the dual role under Kuok’s leadership is expected to strengthen strategic cohesion and operational execution, ensuring a unified vision across all levels of management. Daughter of Malaysian tycoon Robert Kuok, she is entitled under her current contract to a monthly base salary of HK$576,000, in addition to a discretionary bonus and pension benefits. Kuok holds direct and indirect interests in 95,570,245 shares, listed on both the Hong Kong and Singapore exchanges. For the financial year ended December 2024, Shangri-La Asia reported revenue of US$2.185 billion, marking a 2 per cent year-on-year increase. However, net earnings declined 12.3 per cent to US$161.4 million as a result of elevated operating and financing costs. As at 31 December 2024, the company’s net asset value per share stood at HK$11.32, with an adjusted NAV per share of HK$23.56. Kuok succeeds former CEO Lim Beng Chee, who stepped down in December 2022 but continues to serve as a non-executive director on the board. Lim previously held the role of CEO at CapitaMalls Asia. Shares of Shangri-La Asia listed on the Singapore Exchange last traded at HK$4.72, reflecting a 9.92 per cent decline year to date. -The Edge

Uber has announced a strategic partnership with China’s Baidu to introduce Baidu’s Apollo Go autonomous vehicles on its platform in several international markets outside the United States and mainland China. The companies confirmed on Tuesday that the initial deployment is set to begin later this year, with rollouts planned across Asia and the Middle East. Baidu’s Apollo Go currently operates a fleet of more than 1,000 fully driverless vehicles in 15 cities worldwide, including Dubai and Abu Dhabi. The service has already completed over 11 million rides as of May, underscoring its growing global presence. This collaboration marks another significant step in Uber’s ongoing push to strengthen its position in the competitive robotaxi sector. The ride-hailing giant has formed a series of alliances in recent months as it seeks to outpace rivals such as Lyft in the race to commercialise autonomous vehicle technology. -Reuters