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Business

7-Eleven operator cancels sale to CP Indonesia

Shares fall as turnaround plans face uncertainty

A 7-Eleven store in Jakarta

JAKARTA -- Charoen Pokphand Indonesia's one trillion rupiah ($75 million) bid  to acquire the operator of 7-Eleven convenience stores in Indonesia has been canceled, leaving the struggling retailer in limbo once again.

In a stock exchange filing on Monday, Modern Internasional, the parent company of 7-Eleven franchise operator Modern Sevel Indonesia, said the cancellation was "due to non-agreement of the parties concerned." A shareholders meeting scheduled for June 21 to vote on the sale has also been canceled.

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