Canadian convenience store brand Couche-Tard made a $47 billion bid for 7-Eleven’s parent company, Seven & i Holdings, which would make it dominate the convenience store market in the United States.

After the original offer made in August 2024 was rejected, Couche-Tard owner Alain Bouchard raised his offer by 22% to $18.19 per share for a total of $47.5 billion. The yen-dominated proposal now faces the challenge of clearing antitrust concerns.

As negotiations continue, Seven & i now faces regulatory approval from the U.S. regarding the ownership of the two largest convenience store companies in the country over concerns of stifling competition.

“We remain focused on entering into these more fulsome discussions, and continue to be disappointed that engagement has been very limited, and focused only on the path to U.S. regulatory approval,” Couche-Tard said in a press release.

If the offer is accepted, it would be the largest foreign takeover in Japanese history.

This partnership would benefit Couche-Tard because its ownership over convenience store Circle K is a mile away from 31% of 7-Elevens or Speedways in the United States. This could allow it to cut costs for its stores for things like deliveries.

While the two convenience stores dominate the industry in the United States, owning more than 20,000 outlets together, Seven & i fears U.S. antitrust backlash.

With a takeover, Couche-Tard would have a heavy concentration in fuel and food dependence.

Seven & i said, “Couche-Tard did not talk about any specific solutions that would address our concerns about the U.S. antitrust issues that we have raised,” at its press conference.

Yet, concerns in the United States are not all that worries the company.

In Japan, there are fears that the quality of healthy and fresh food would deteriorate. Foreign takeover also poses the fear of what could happen in a post-disaster environment that could affect the stock of supplies.

Couche-Tard responded with an English and Japanese website that explained its role in keeping U.S. stores stocked for disaster relief.