Couche-Tard walks away from bid to buy 7-Eleven parent company
Japanese company Seven & i Holdings Co. Ltd. says it engaged in good faith and constructively with the Quebec-based company to explore the possibility of reaching a deal.
Get daily National news
Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy
Couche-Tard has said that it walked away from its offer Wednesday due to what it called a 'lack of constructive engagement.'
Had the deal gone ahead, it would have handed Couche-Tard a dominant position in the global convenience store game.
Couche-Tard spent nearly a year courting the Japanese company which also holds a broader portfolio of supermarkets, food producers and financial services companies.
Couche-Tard has close to 17,000 stores in 29 countries and territories around the world.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CTV News
2 hours ago
- CTV News
Weston family wants to buy Hudson's Bay charter for $12.5 million and donate it: docs
The 1670 royal charter signed by King Charles II establishing Hudson's Bay, is shown on display at the Manitoba Museum where it was loaned to be displayed alongside its permanent collection of Hudson's Bay artifacts, in this 2020 handout photo. THE CANADIAN PRESS/Handout - Manitoba Museum (Mandatory Credit) TORONTO — The royal charter that formed Hudson's Bay about 355 years ago could soon be getting a new home. The Canadian Museum of History announced Wednesday that Wittington Investments Ltd., a private Canadian holding company for the Weston family, wants to buy the document for $12.5 million and donate it to the Quebec institution. The charter was signed by King Charles II in 1670. It gave the Bay rights to a vast swath of land spanning most of Canada and extraordinary power over trade and Indigenous relations for decades more. The museum says the acquisition still needs court approval but if that is obtained, the Westons will donate the document immediately and permanently. 'At a time when Canada is navigating profound challenges and seeking renewed unity, it is more important than ever that we hold fast to the symbols and stories that define us as a nation,' said Galen Weston in a statement. 'The Royal Charter is an important artifact within Canada's complex history. Our goal is to ensure it is preserved with care, shared with integrity, and made accessible to all Canadians, especially those whose histories are deeply intertwined with its legacy.' His family made its fortune through Canadian retail chains including Holt Renfrew, as well as several European department stores. As part of its proposed purchase of the charter, the family has offered $1 million in additional funding. The museum said it will support 'a meaningful consultation process' with Indigenous Peoples on how the Royal Charter 'can be shared, interpreted and contextualized in a manner that respects Indigenous perspectives and historical experiences.' The funding will help the museum share the charter with other museums and through public exhibitions. Caroline Dromaguet, the museum's president and CEO, said the donation is of 'enormous importance to Canada' and 'will serve as a catalyst for national dialogue, education and reconciliation for generations to come.' The Westons expressed an interest in the charter in May, after the Bay filed for creditor protection in March under the weight of $1.1 billion in debt. It made a formal offer by June. The Bay was drawn to the $12.5 million offer because it 'substantially' exceeded the value the charter had been given during a 2022 insurance appraisal, said Adam Zalev, co-founder of Bay financial advisor Reflect Advisors, in a court filing made Wednesday. The Bay also liked the offer because of the additional funding to ensure Indigenous communities and archival institutes have access to the charter. The charter was originally due to be sold during a future auction the Bay was preparing to run with Heffel Gallery to sell 2,700 artifacts and 1,700 art pieces the retailer owned. A court motion filed Wednesday asks a judge to approve the removal of the charter from any eventual auction. When the Bay first floated the idea of running an auction to offload its treasures, it sparked concern from archival institutions, governments and Indigenous groups, including the Assembly of Manitoba Chiefs. They worried it would allow pieces of Canadian and Indigenous history to wind up in private hands and away from public view. To quell their concerns, the Bay started allowing groups to view an inventory of the collection if they sign non-disclosure agreements. A source familiar with the Bay's collection, who was not authorized to speak publicly, told The Canadian Press previously that paintings, point blankets, paper documents and even collectible Barbie dolls are part of the trove. Historians believe the charter is likely the most coveted piece the retailer owned. 'It's 100 per cent their crown jewel,' said Cody Groat, a historian of Canadian and Indigenous history who serves as the chair of the UNESCO Memory of the World Advisory Committee in an April interview. 'There is no doubt this is the most significant document that the Hudson's Bay Company has access to or that they've ever produced.' Thomas Caldwell, CEO of Toronto investment manager Urbana Corp., agreed. He told The Canadian Press in the spring that he was interested in purchasing and giving the parchment document with a royal wax seal to a museum. At the time, he said donating the piece would 'make more sense' for whoever buys it because 'it's a big hassle to have something historic like that in an office or in a home.' He speculated that it would need to be insured, have constant security and likely require storage in precise temperatures to preserve it. For many years, the Bay kept the royal charter at its head office in Toronto, but Zalev said it was recently moved to 'a secure facility specifically equipped to store and protect important documents, art and artifacts.' The charter was temporarily loaned to the Manitoba Museum in 2020. That museum and the Archives of Manitoba hold the bulk of the Bay's artifacts. The company donated them to the organizations in the 1990s, so many thought they'd be a natural home for the charter. 'We think of (the charter) as part of our records in a way already because ... we've got the rest of the story and so we feel like it makes sense for the charter to be here and to be as publicly accessible as any of the other records,' Kathleen Epp, keeper of Manitoba's Hudson's Bay Co. archives, told The Canadian Press in April. This report by The Canadian Press was first published July 30, 2025
CTV News
3 hours ago
- CTV News
Quebec retailers warned over price display violations
Pork chops are seen in the meat counter of a grocery store in Montreal, on Thursday, April 30, 2020. THE CANADIAN PRESS/Paul Chiasson Quebec's new rules on grocery store price displays and tipping have been in effect since May, but the province's consumer protection office says some grocers and retailers are not complying with key provisions. Metro, Costco, Couche-Tard and Adonis are among a dozen or so retailers that received non-compliance letters following audits conducted by the Office de la protection du consommateur. Under the new requirements, grocery stores must display information including the price per unit of measure and the price for customers who don't belong to a store's loyalty rewards program. The rules apply to any retailer that sells food. The province also raised the threshold for its existing price accuracy policy from $10 to $15. If the price at checkout is higher than the advertised price, the item must be offered for free if it costs less than $15. The policy has been in place since 2001. Based on the letters, most of the grocers targeted failed to clearly indicate whether taxes were included in the price. Some also did not display the regular price alongside the sale price or show the price per unit of measure using a consistent unit, making it harder for customers to compare similar products. According to the letters, most retailers had multiple violations, with fines ranging from $3,000 to $75,000 for a first offence. The following grocers and retailers received letters: Metro Costco Couche-Tard Adonis Giant Tiger Sobeys Avril Supermarché Santé Walmart Loblaws Les aliments Kim Phat These companies have until Aug. 8 to confirm in writing that they have implemented corrective measures. In a statement, Francis Mailly, a spokesperson for the Retail Council of Canada, said retailers are 'actively' working to comply with the new price requirements set out in Bill 72. 'While many items are already compliant, implementation remains a significant challenge due to the complexity of the labelling rules, technological limitations and ongoing labour challenges,' Mailly said. 'The industry remains fully committed to transparency and continues to make the necessary adjustments in good faith, despite operational constraints on the ground.' With files from the Canadian Press
The Province
4 hours ago
- The Province
LNG Canada CEO states bold forecast for Canadian liquefied gas exports
LNG Canada CEO Chris Cooper thinks Canada could become a top LNG exporter, UBC economist Werner Antweiler is skeptical B.C. Premier David Eby announced a $200 million contribution agreement between the Government of B.C. and Haisla Nation to support building the infrastructure needed to ensure the Cedar LNG facility runs on B.C. energy. LNG Canada's Kitimat natural gas liquefaction plant has barely begun exporting the super-chilled fuel, but the company's CEO, on Wednesday, touted Canada's potential to become a Top 5 global exporter if all the LNG projects on the books in B.C. go ahead. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors The $18-billion LNG Canada facility shipped its first cargo of LNG June 30 at the end of a seven-year construction phase and CEO Chris Cooper said that, 'In many respects, our timing couldn't be better.' Cooper said the world wants 'high-quality, responsibly produced' energy, and Canadian LNG exports help Canada diversify trade at a time when the country desperately wants to do just that.' Chris Cooper, CEO of LNG Canada Cooper added that the other projects on the books in B.C., including the Haisla First Nation-backed Cedar LNG under construction just south of LNG Canada, 'will go a long way to help Canada achieve an even more ambitious but attainable goal to become a world energy superpower.' That was a message that fit the moment for B.C. Premier David Eby, who was in Kitimaat to mark LNG Canada's milestone and to offer $200 million in provincial support to the electrification of Cedar LNG's operations. Stay on top of the latest real estate news and home design trends. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Eby, on Tuesday, signed an agreement with the Haisla to support infrastructure for Cedar LNG, including a new power transmission line to the floating liquefaction plant the facility will use. A new agreement between B.C. and Haisla Nation will support infrastructure needed at Cedar LNG facility. David Eby at the announcement in Kitimaat yesterday. Wednesday, Eby used the occasion to position B.C. as a more reliable LNG trading partner, in addition to being more environmentally responsible, at a time 'when we are under direct attack from the president of the United States with clear intentions to cause harm to our economy.' Eby said B.C. received a warm welcome for LNG from this province on his recent trade mission to Asia, where the facility's co-owners stated the importance of its reliability and environmental performance to customers on the world market. In his remarks Tuesday, Eby said the U.S. looks like a riskier trading partner at the moment with Trump showing he will make 'arbitrary and extrajudicial decisions on a whim,' announcing them through his own social media platform, Truth Social. This advertisement has not loaded yet, but your article continues below. The premier declared that Canadian values will help Canada 'win this race' to deliver LNG to Asia while Trump sets his sights on developing the industry in Alaska. However, whether Canada is able to vault itself into the top tier of LNG exporting nations will likely be more a factor of timing and price than the country's ambitions or environmental performance, according to trade economist Werner Antweiler. The U.S. is now the world's biggest LNG exporter, having shipped some 88 million tonnes of the fuel in 2024 followed by Australia at 81 million tonnes, Qatar at 77 million tonnes, Russia at 34 million tonnes and Malaysia at 28 million tonnes, according to the International Gas Union. LNG Canada, with its initial phase, will produce 14 million tonnes of LNG per year, which would have put it at seventh on the International Gas Union's list of exporters, about equal with Nigeria, which produced 13.8 million tonnes in 2024. This advertisement has not loaded yet, but your article continues below. Existing projects under construction — Cedar LNG, Woodfibre LNG in Squamish, and FortisBC's Tilbury plant — would raise B.C.'s production to just over 21 million tonnes, sixth on the list. It would take final approval of the Nisga'a Nation-backed Ksi Lisims LNG and LNG Canada's Phase 2 to put Canada into the Top 5, but Antweiler, a trade economist in the University of B.C.'s Sauder School of Business, said, 'I don't really see all of this materializing.' Antweiler said the LNG market is competitive and the major producers are also working in other countries to snap up the long-term contracts they need to back projects in a market that the International Energy Agency is forecasting will flatten out after 2030. 'We're also not the cheapest producer in this market,' Antweiler said about B.C., which is at a cost disadvantage to producers such as Australia and Qatar where the gas supplies are closer to ports where it can be liquefied and shipped. 'So we're going to be a more marginal player and that means our position is much more vulnerable,' Antweiler said. 'That's the reason why I think that some of these projects just don't compute at the end.' depenner@ With files from The Canadian Press Read More Vancouver Canucks Columnists News Vancouver Canucks Vancouver Whitecaps
