Japan’s Seven & i Holdings plans to sell a partial stake in Seven Bank to trading house Itochu, with an announcement expected as early as May 30, the Nikkei business reported on Tuesday.
Seven & i will initially discuss with Itochu the transfer of a stake of about 10% in Seven Bank, worth about 30 billion yen ($208 million), held by its group’s supermarket operators Ito-Yokado and York Benimaru, the Nikkei reported.
Seven & i is aiming to focus on its core convenience store business as it faces a takeover proposal from Canada’s Alimentation Couche-Tard .
Seven Bank shares rose more than 8% following the report. A Seven & i spokesperson said he could not immediately comment.
Details such as the size of the stake and price are to be announced in June, according to the Nikkei.
($1 = 144.4500 yen)
Reuters
