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Business deals

7-Eleven operator drops $22bn bid for Speedway gas stations

Japan's Seven & i deems US acquisition too expensive and risky

Seven & i, operator of the 7-Eleven convenience store chain, had previously hoped to expand its U.S. business as a pillar of growth due to a lack of prospects domestically. (Nikkei Montage/ Source photo by Reuters)

TOKYO -- Japan's retail giant Seven & i Holdings has dropped its plan to acquire the Speedway gas station chain in the U.S. for about $22 billion, Nikkei has learned.

Speedway, a division of U.S. petroleum refiner Marathon Petroleum operates about 4,000 gas stations in the country that are paired with convenience stores.

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