By Makiko Yamazaki
TOKYO (Reuters) – Japanese economy minister Ryosei Akazawa said on Wednesday he believed a potential foreign acquisition of retail giant Seven & i was a matter “heavily related” to national security.
The owner of 7-Eleven convenience stores has rejected a $47 billion buyout offer from Canada’s Alimentation Couche-Tard and the retailer’s founding family is in talks to take the company private to fend off the takeover.
“Speaking about a potential acquisition of Seven & i, I think the matter is heavily related to (national) security,” Akazawa said at a press conference hosted by the Japan National Press Club.
Akazawa said convenience stores and their distribution networks could be utilised in the event of disaster to help bring hot food to people in affected regions, for example.
“If Seven & i’s convenience store business is in foreign hands and run solely for profits, we’ll have to think about various things, such as whether we can we get full support when our people affected by the disaster are suffering,” he said.
Akazawa made the comments when asked about growing protectionism globally on national security grounds, as shown in U.S. President Joe Biden’s decision to block Nippon Steel’s $14.9 billion bid for U.S. Steel.
Seven & i was classified as “core” to Japan’s national security in September, raising questions as to whether it was a defensive manoeuvre. The finance ministry stressed at the time that the new classification would not create hurdles to a potential buyout.
(Reporting by Makiko Yamazaki; Editing by Christian Schmollinger and Kate Mayberry)
