Japan has long been a part of Couche-Tard’s global ambitions. Should Couche-Tard’sacquisition（買収）succeed, it would not only represent the largest foreign-led（外資主導の） acquisition of a Japanese company but also create one of the world’s largest retail groups.
After news of Couche-Tard’spreliminary （予備の）takeover bid（株式公開買付）, Seven & i announced that it had established （設置した）an independent special committee to review （検討する）the offer.
Analysts point to significant obstacles that would probably make the buyout（買収） of Seven & i a long shot（成功率が低い）.
For one, Seven & i is aconglomerate（複合企業） with businesses beyond convenience stores, including banking and carrier （宅配）services. The holding company’s（持ち株会社の） reach（広がり） opens the acquisition to more intense（厳しい） scrutiny （精密な調査）from the Japanese government.
There are also big differences in the way Couche-Tard and Seven & i operate convenience stores.
The Japanese company that operates 7-Eleven recently introduced stores with over twice as many products as regular 7-Eleven stores.Credit...Akio Kon/Bloomberg
Japanese konbini operators are known for their swift development of new products — such as themed goods available only during the fleeting （つかの間の） cherry-blossom season. A typical convenience store in Japan offers about 3,000 products, 70 percent of which are replaced annually, according to Mr. Watanabe, the analyst.
A large portion of Seven & i’s operating profit comes from its Japanese convenience stores, and Couche-Tard would need to present a compelling （説得力のある）proposal showing how it could improve that core business, he said.
Mr. Watanabe once made a two-week drive across the United States, studying convenience stores along the way — and was unimpressed （良いと思わない）. Any takeover proposal for 7-Eleven would be challenging because Japanese convenience stores are “completely different and unique,” he said.
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