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Consumer

7-Eleven bid for Speedway gas stations spooks investors

Operator Seven & i hit by concerns over industry's future in US

A Speedway filling station in a New York City suburb.  (Photo by Kazunari Yokota)

TOKYO -- Investors are giving a thumbs-down to Seven & i Holdings' planned purchase of American gas station chain Speedway, worried about the industry's long-term outlook as cars go electric.

At first glance, it seems natural for the Japanese company behind the 7-Eleven convenience store chain to strengthen operations in the U.S., with its growing population and robust consumer spending. The company is in talks to buy Speedway from Marathon Petroleum for $22 billion.

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