7-Eleven owner's shares fall despite $13.5bn buyback plan

New CEO's fight against Couche-Tard's takeover bid hinges on $18.19 stock price

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Seven & i's turnaround plan includes an IPO of its U.S. convenience store subsidiary. (Photo by Mayumi Tsumita)

HIDEKI SHINOHARA, YOSHIHIRO HARA, KOSUKE OKAMOTO and TAMAYO MUTO

TOKYO -- Shares of Japan's Seven & i Holdings fell by 3.4% at one point on Friday, a day after the company announced new management measures, such as a massive 2 trillion yen ($13.5 billion) share buyback, indicating investors remain cautious about the company's ability to dramatically improve business on its own.

Seven & i's shares fell to 2,048 yen ($13.9) on the Tokyo Stock Exchange at one point. As of 11:30 a.m., it was at 2,107.5 yen, down 0.58%.

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