logo
Canada's Couche-Tard resumes share buyback after scrapping Seven & I acquisition bid

Canada's Couche-Tard resumes share buyback after scrapping Seven & I acquisition bid

Reuters2 days ago
July 21 (Reuters) - Canada's Alimentation Couche-Tard (ATD.TO), opens new tab on Monday said it was resuming its share repurchase program days after the Circle K-parent scrapped its $46-billion attempt to buy Japan's Seven & I (3382.T), opens new tab.
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.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

South Korea Q2 GDP +0.6% q/q, stronger than expected
South Korea Q2 GDP +0.6% q/q, stronger than expected

Reuters

time12 minutes ago

  • Reuters

South Korea Q2 GDP +0.6% q/q, stronger than expected

SEOUL, July 24 (Reuters) - South Korea's economy grew in the second quarter at the fastest pace in more than a year, beating market expectations, advanced central bank estimates showed on Thursday. Gross domestic product expanded 0.6% in the April-June period from a quarter earlier on a seasonally adjusted basis, after contracting 0.2% in the preceding three months. It was stronger than the median 0.5% increase tipped in a Reuters poll and the fastest quarterly growth since the first quarter of 2024. On an annual basis, Asia's fourth-largest economy grew 0.5% in the second quarter, compared with zero growth in the first quarter and a 0.4% expansion expected by economists.

Nvidia supplier SK Hynix says on track to double high-end AI chip sales
Nvidia supplier SK Hynix says on track to double high-end AI chip sales

Reuters

time12 minutes ago

  • Reuters

Nvidia supplier SK Hynix says on track to double high-end AI chip sales

SEOUL, July 24 (Reuters) - South Korea's SK Hynix ( opens new tab posted on Thursday a record quarterly profit, driven by strong demand for advanced chips used in generative artificial intelligence chipsets and as some customers stockpiled semiconductors ahead of potential U.S. tariffs. "SK Hynix foresees that increasing competition among big tech companies to enhance inference of AI models would lead to higher demand for high-performance and high-capacity memory products," it said in a statement. The Nvidia supplier (NVDA.O), opens new tab expects to double high-bandwidth memory (HBM) chip sales for the full year compared to 2024, the company said. SK Hynix overtook Samsung Electronics ( opens new tab as the world's top memory chip maker in the first quarter due to its leadership in HBM chips, a crucial component of AI chipsets designed by the likes of Nvidia that assist the processing of vast amounts of data to train AI models. SK Hynix reported a 9.2 trillion won ($6.69 billion) operating profit for the April-June period, up 69% from 5.5 trillion won a year earlier. That compared with a 9.0 trillion won average forecast by LSEG SmartEstimate, which is weighted toward analysts who are more consistently accurate. Revenue rose 35% to 22.2 trillion won during the quarter. After posting a series of record profits boosted by strong AI demand, SK Hynix is bracing for potential U.S. tariffs and rising competition from rivals in supplying advanced chips to Nvidia, analysts say. ($1 = 1,374.5800 won)

Nvidia supplier SK Hynix Q2 profit rises 69%, meets forecasts
Nvidia supplier SK Hynix Q2 profit rises 69%, meets forecasts

Reuters

time42 minutes ago

  • Reuters

Nvidia supplier SK Hynix Q2 profit rises 69%, meets forecasts

SEOUL, July 24 (Reuters) - South Korea's SK Hynix ( opens new tab posted on Thursday a record quarterly profit, driven by strong demand for advanced chips used in generative artificial intelligence chipsets and as some customers stockpiled semiconductors ahead of potential U.S. tariffs. The Nvidia (NVDA.O), opens new tab supplier reported a 9.2 trillion won ($6.69 billion) operating profit for the April-June period versus 5.5 trillion won a year earlier. That compared with a 9.0 trillion won average forecast by LSEG SmartEstimate, which is weighted toward analysts who are more consistently accurate. ($1 = 1,374.5800 won)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store