Japan's Seven & i to drop $22 billion bid for Speedway gas stations in U.S.: source [Reuters]
SEVEN & I HLDGS UNSP/ADR (SVNDY)
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Source: Reuters
Japan's Seven & i to drop $22 billion bid for Speedway gas stations in U.S.: source TOKYO (Reuters) - Japan’s Seven & i Holdings ( 3382.T ) has decided to abandon its proposed $22 billion acquisition of Marathon Petroleum Corp’s ( MPC.N ) Speedway gas stations in the United States, a person familiar with the matter told Reuters. Seven & I, which runs the 7-Eleven convenience store chain, had been in exclusive talks to buy the Speedway business for $22 billion. The Nikkei newspaper, which first reported the news, said the company decided to pull the plug on the deal over worries on price. It also cited growing concerns about a global economic slowdown from the coronavirus.
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