
Canada's Couche-Tard resumes share buyback after scrapping Seven & I acquisition bid
The company said it would repurchase up to 77.1 million shares worth about $4.2 billion as it works to shore up shareholder value after the months-long effort to buy the Japan-based convenience store chain fell apart.
Couche-Tard, which has a market capitalization of about $15.95 billion, had said last week that it was scrapping its bid for Seven & I as the Japanese retailer refused to engage constructively on the deal. If it had been successful, it would have been Japan's largest-ever foreign buyout.
Couch-Tard's stock closed up 8.3% on July 17 when it scrapped the deal for Seven & I. The stock is down about 5% so far this year.
The authorized share buyback program will begin July 23, and continue through July 22, 2026, Couche-Tard said.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Reuters
17 minutes ago
- Reuters
Michelin posts H1 sales in line with market forecasts
April 24 (Reuters) - French tyre maker Michelin ( opens new tab reported a 3.4% decline in sales in the first half of the year, in line with market expectations, as a fall in sales volumes was partly offset by higher selling prices. The group confirmed its previous guidance for the full year, in the absence of any further deterioration in the economic environment in the second half of the year. Michelin's business continues to be impacted by a slowdown in the automotive market, especially in Europe. The group, which, at the end of last year, employed more than 23,500 people at its production sites across the U.S. and Canada has, since March, been facing tariffs imposed by U.S. President Donald Trump. It is looking at accelerating investments in the United States to counter the impact of tariffs. Sales fell to 13.03 billion euros ($15.33 billion) in the first half from 13.48 billion euros a year ago. That compared with the forecast 13.08 billion euros in a company-provided consensus. The company recorded a 6.1% drop in volumes, mainly in its original equipment sales. The impact from the U.S. tariffs were around 65 million euros in the first half of the year. They are expected to have an impact of around 200 million euros over the full year. "Our results have been severely penalised by the fall in volumes linked to our original equipment activities, whether in the automotive or truck sectors, or in a number of specialities, including heavy goods vehicles, agriculture and infrastructure," , Chief Financial Officer Yves Chapot said on call with journalists. "We have chosen to be as localised as possible, so 70% of what we sell in the United States is made in the United States" he added on the impact of tarrifs. ($1 = 0.8499 euros)


The Independent
an hour ago
- The Independent
Trump promised to back Detroit automakers - his deal with Japan has them shaking in their boots
General Motors, Ford and Stellantis - the big three U.S. automakers - pushed back against the Trump administration after President Donald Trump announced a trade deal with Japan that would lower tariffs on vehicles made overseas and hurt the American car companies. Earlier this week, the president said he had signed the 'largest' trade deal in history with Japan, which would include a 15 percent tariff on imported cars – significantly lower than the 25 percent tariff on other imported vehicles. Trump announced the 25 percent tariff on cars made overseas earlier this year, and many of Detroit's companies manufacture cars in Mexico and Canada, which would make them subject to the 25 percent tariff. Higher tariffs likely mean higher costs for consumers, which could lead people to turn to the cheaper Japan-made models. 'Any deal that charges a lower tariff for Japanese imports with virtually no U.S. content than the tariff imposed on North American built vehicles with high U.S. content is a bad deal for U.S. industry and U.S. auto workers,' Matt Blunt, the head of the American Automotive Policy Council, which represents the big three Detroit auotmakers, said in a statement. Blunt said American Automakers were still reviewing the terms of the agreement. During the campaign, Trump visited Detroit and touted the American car industry, promising to 'revolutionize' it. However, shortly after taking the White House, he quickly imposed tariffs on all cars made overseas. General Motors warned just this week that it expects a $4 to $5 billion impact from Trump's tariffs. Auto Drive America, a group that represents U.S. operations of foreign vehicle makers, praised the Japan deal while also calling for Trump to reach similar agreements with the European Union, South Korea, Canada and Mexico. 'We share President Trump's vision to make the U.S. the worldwide center of automotive production, and our member companies need stability in order to create an environment where we can maintain our competitive edge both in the U.S. and on the global stage,' Auto Drive America said. While the deal with Japan will impose lower tariffs, Trump said it will also open market access to the U.S. U.S. auto manufacturers have long struggled to infiltrate the Japanese market, in part because smaller cars that drive on the left side of the road are in much more demand – the type that the U.S. does not typically make. Kush Desai, a spokesperson for the White House, said, 'No president has taken a greater interest in restoring the American auto industry's dominance than President Trump, and his Administration is working closely with the auto industry to achieve this goal.' 'President Trump's trade agenda has already secured historic market access to Japan and Indonesia for Made in America cars with more America First trade deals to come,' Desai added. 'The Administration's domestic policy agenda – from rapid deregulation to the pro-growth tax cuts of The One Big Beautiful Bill – will further boost our auto industry's competitiveness on the world stage and Make American Automakers Great Again.' Hoping to stimulate U.S. manufacturing, the president imposed lofty automotive tariffs earlier this year. Automakers initially raised concerns with the 25 percent tariff in addition to other levies such as those on steel and aluminum. After, Trump offered U.S. automakers some relief through a complicated discount program. Two of the big three Detroit automakers appear to have suffered setbacks. General Motors said Tuesday its second-quarter earnings plummeted 35 percent, compared to the same quarter last year. It also reported a $1 billion loss in second-quarter profits. Stellantis, which makes Chryslers, Jeeps, and more, said it expects to see nearly $350 million in losses in the first two quarters of the year, in part due to tariffs. Around 60 percent of car parts are imported, even if the car is finally assembled in the U.S. Every single 2025 model car sold in the U.S. had at least 15 percent of its parts from a country outside of North America. Trump has threatened to hike tariffs on the U.S.'s largest trading partners, Mexico and Canada, to 30 and 35 percent, respectively.


Reuters
an hour ago
- Reuters
Dollar holds steady after ECB leaves rates alone, tariffs and Fed in focus
July 24 (Reuters) - The dollar traded sideways against the euro on Thursday after the European Central Bank held rates steady, and was wedged between prospects for higher Japanese rates that supported the yen and worries about political risk after Sunday's elections. The European Central Bank left interest rates steady at 2%, as expected, on Thursday, taking a break after a year of policy easing to wait for clarity over Europe's future trade relations with the United States. "The view that the ECB is probably on hold here is probably gaining a bit more traction. We've trimmed expectations for the cuts in September to certainly less than 50/50," said Shaun Osborne, chief foreign exchange strategist at Scotiabank in Toronto. The Japanese central bank's deputy governor, Shinichi Uchida, said Tuesday's trade deal with Washington had reduced economic uncertainty, comments that fuelled optimism in the market about the potential resumption of interest rate hikes. Analysts believe the yen will face persistent headwinds after Sunday's upper house election, with the opposition considering a no-confidence motion. The European Union is nearing a deal that would impose a broad 15% tariff on EU goods, diplomats said. The rate, which could also extend to cars, would mirror the framework agreement the United States struck with Japan. "The ECB faces a challenge that is quantitatively different from the BoJ's," said Thierry Wizman, global forex and rates strategist at Macquarie Group. "The euro has appreciated by far more than the JPY so far in 2025, meaning that the disinflationary impulse from U.S. import tariffs may be greater in the EU than in Japan, or the ECB may suspect as much," he added. PMI data showed fragility in France following budget-cut proposals there, but also resilience in Germany and other parts of the euro zone. Data showed that German business activity continued to grow marginally in July. "As of now, there has been very little tariff impact on the hard data," said Mohit Kumar, economist at Jefferies. Meanwhile, risk assets rallied as the trade deals eased fears over the economic fallout of a global trade war. Next week the Federal Open Market Committee meets and is expected to leave rates where they are as policy makers wait for the expected impact from tariffs on inflation and growth to show up. A number of U.S. employment releases next week culminate with Friday's big June payrolls report, while the July Personal Consumption Expenditures Price Index and the first revision to 2nd quarter Gross Domestic Product could also move markets. "A lot of event risk next week and not just from the Fed, we've got a lot of data next week as well, so that's probably going to shape expectations to some extent for September," Osborne said. The euro was 0.17% firmer at $1.1786, not far from $1.1830 it hit earlier this month, which marked its strongest level in more than three years. Against the yen , the dollar was 0.07% weaker at 146.39, and hit a fresh 2-week low earlier in the session at 145.86. Olivier Korber, forex strategist at Societe Generale, expects the yen to strengthen further, citing support from the trade deal and prospects for higher interest rates. Ishiba denied on Wednesday he had decided to quit after a source and media reports said he planned to announce his resignation to take responsibility for a bruising upper house election defeat. Currencies mostly shrugged off news that U.S. President Donald Trump, a vocal critic of Federal Reserve Chair Jerome Powell, will visit the central bank on Thursday, a surprise move that escalates tensions between the administration and the Fed. The dollar index , which measures the greenback against a basket of six currencies including the euro and yen, was off 0.03% at 97.17. In cryptocurrencies, bitcoin gained 0.33% to $118,391.37. Ethereum rose 2.14% to $3,647.18.