$47 billion 7-Eleven deal called off

Canada’s Alimentation Couche-Tard scrapped negotiations with Japans’s Seven & I.

Transcript

00:00A massive global deal is off the table.

00:03After almost a year of negotiating, the sale of 7-Eleven's parent company has fallen through.

00:08Canadian retailer Alimentacion Couchard has pulled its $47 billion bid for Japan's 7&I.

00:16In a letter to its board, Couchard said there has been no sincere or constructive engagement

00:21from 7&I that would facilitate the advancement of any proposal contrary to comments made

00:26publicly by 7&I representatives.

00:29The company went on to accuse 7&I of a calculated campaign of obfuscation and delay.

00:357&I responded that it was disappointed but not surprised the offer was withdrawn.

00:40Had it gone through, this would have been the largest foreign takeover of a Japanese company

00:44in history.

00:467&I operates more than 85,000 7-Eleven locations across the U.S. and Asia, with North America

00:51generating 75 percent of the company's $81 billion in annual revenue.

00:57That'll do it for your daily briefing from the New York Stock Exchange.

00:59I'm Caroline Woods with The Street.