加國便利店大鱷撤回470億收購7-Eleven！

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加拿大零售商Couche-Tard撤回470億美元收購日本Seven & i Holdings的提議

東京消息——加拿大便利店營運商Alimentation Couche-Tard（簡稱Couche-Tard）於週三宣布，因日本零售巨頭Seven & i Holdings缺乏建設性溝通，決定撤回其價值470億美元的收購要約。

這一出人意表的決定標誌著這宗本有望成為日本最大外資收購案的交易告吹。Couche-Tard原本希望透過收購7-Eleven母公司Seven & i，打造全球便利店巨頭。

Couche-Tard在致董事會的信中指出：「Seven & i並無誠意及建設性地推動收購提案，與其公開發言不符。相反，Seven & i進行了一場策略性拖延及混淆視聽的行動，嚴重損害了公司及股東利益。」

Seven & i回應表示：「雖然對Couche-Tard撤回收購表示失望，並不同意其多項錯誤指控，但並不感意外。」

Seven & i被視為日本企業對外資收購態度的試金石。此舉發生在日本製鋼成功以149億美元收購美國鋼鐵公司之後，備受市場關注。消息公布後，Seven & i股價於東京早盤下跌9%。

香港Maso Capital聯合創辦人兼共同投資主管Manoj Jain表示：「我們對Seven & i缺乏合作意願感到非常失望。我們認為兩家公司合併將釋放巨大價值，並已向管理層及董事會表達此觀點。」

去年10月，Couche-Tard已將收購報價由385億美元提高至470億美元，今年3月更表示若Seven & i配合並提供更多財務資料，將進一步提高出價。同時，雙方亦曾就部分門店出售方案協商，以減輕監管障礙。

在Seven & i創辦人伊藤家族出價580億美元的白衣騎士方案未能籌集資金告吹後，Couche-Tard的收購計劃曾一度獲得推進。Couche-Tard曾試圖與伊藤家族接觸，但對方不願合作。

雙方簽署了保密協議，但Couche-Tard在信中指出：「允許的盡職調查範圍及內容有限，雙方僅進行了兩次嚴格限制的管理層會議，成效甚微。」

尋求替代方案無果

Couche-Tard認為全面合併將為股東帶來最大利益，並曾提出收購Seven & i日本以外全部業務及日本市場40%股份的方案，後者在日本被視為重要基礎設施，尤其在自然災害期間發揮支援作用。

信中強調：「若Seven & i領導層及特別委員會不展現更深層及真誠的合作意願，我們無法有效推進合併。」

Seven & i曾提議將其國際業務出售給Couche-Tard，換取該公司股份，但Couche-Tard認為此交易未能達到他們向Seven & i股東提出的溢價水平。

自今年5月由首位外籍CEO Stephen Dacus接任後，Seven & i面臨巨大壓力，需提升疲弱的盈利表現並證明能獨立增長。公司已宣布股票回購，出售非核心資產，並計劃上市其北美便利店業務。

Seven & i表示：「我們將繼續全力推進獨立價值創造計劃。」

—

評論與深度解析

Couche-Tard撤回收購提案，反映出日本企業文化與外資收購的根本矛盾。Seven & i作為日本零售業龍頭，面對外資的主動出擊，卻選擇以拖延和限制資訊披露的手法回應，顯示日本企業在國際資本競爭中仍抱持防衛姿態。這種態度不僅影響交易成敗，也折射出日本企業對於全球化整合的保守態度。

然而，隨著全球便利店市場競爭加劇，Seven & i若繼續拒絕合作，恐將錯失擴大全球布局的良機。Couche-Tard的提案不單是資金投入，更帶來管理經驗和全球資源整合能力，能助力Seven & i在美國及其他市場增強競爭力。拒絕合作背後，或許是對控制權和企業文化的堅守，但從長遠發展看，或許需重新評估開放態度。

此外，此案亦突顯日本企業治理結構的挑戰。伊藤家族的白衣騎士方案失敗，加上管理層與董事會對外資的抗拒，反映出日本企業在董事會組成和決策透明度上的不足。隨著更多外資企圖進入日本市場，企業須提升治理水平，才能吸引更多資金並實現可持續發展。

總括而言，Couche-Tard撤出Seven & i收購案，不僅是一宗商業交易的終結，更是全球化與本土護城河間的激烈碰撞。未來，日本企業如何在保護本土利益與迎接國際資本之間取得平衡，將是業界和投資者關注的焦點。對香港及亞洲市場投資者而言，這亦提醒我們在跨境併購中，文化、治理與溝通的重要性不容忽視。

以上文章由特價GPT API KEY所翻譯及撰寫。

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Use the original face exactly as it is, without changing a details. A female model with sharp features, defined cheekbones, and intense, direct eye contact (though eyes are slightly in shadow from the hat). • Aesthetic: Vintage fashion, Pin-up, 1950s/1960s style, high-glamour, summer resort wear. • Lighting: Bright, harsh sunlight creating high contrast and crisp shadows. The light should perfectly illuminate the skin and the vibrant colors of the dress. • Color Palette: Dominated by vibrant yellow, crisp white, and bold red, accented by deep black. Specific Outfit & Details: • Dress: A bright yellow halter-neck sundress with a classic white polka-dot pattern. It has a fitted, sweetheart neckline or bustier-style top that enhances the silhouette. • Accessories: • A very large, wide-brimmed sun hat in crisp white (or light straw/fabric) that casts a shadow over the upper face. • A matching yellow polka-dot scarf tied closely around the neck (like an ascot or choker-style). • Large, striking black statement earrings (circular, drop, or bead style). • Bold red lipstick is a key feature, contrasting sharply with the yellow and white. Technical/Camera Details: • Shot: Close-up or medium-close-up portrait, focusing on the torso, neckline, face, and hat. • Depth of Field: Shallow (low f-stop), with the model in sharp focus and the background slightly blurred (bokeh). • Background: Out-of-focus, suggesting a bright outdoor location, with abstract shapes of boats/yachts (white and red accents visible) in a marina setting. Gallery
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A cinematic top-down portrait of a young woman standing on a solid deep green floor, captured from an extreme overhead angle. She looks up directly at the camera with wide, expressive eyes, creating an intimate and slightly surreal mood. She wears a soft white bucket hat, a cozy oversized green-and-beige checkered sweater, blue jeans, and white sneakers. Minimalist composition with vast negative space surrounding her, emphasizing isolation and calm. Soft diffused studio lighting, natural skin tones, subtle shadows, clean color grading with earthy greens, editorial fashion photography style, ultra-sharp focus, high resolution, modern aesthetic, cinematic framing, shot on a professional DSLR, shallow depth of field, Instagram poster vibe Gallery

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{ "intro": "Create an ultra realistic 8K UHD DSLR photo based on the attached image as a reference of facial features, maintaining 100% likeness.", "subject": { "identity": "A beautiful real human woman portrayed as Cleopatra, seated majestically on her royal Egyptian throne, maintaining 100% likeness to the reference.", "pose": "Confident, elegant, and seductive seated posture with her back straight and shoulders relaxed. One hand rests authoritatively on the throne’s armrest while firmly holding a ceremonial cobra staff, and the other hand rests sensually on her thigh. Her legs are positioned to subtly reveal the high slit of her gown, radiating queenly dominance, power, and allure.", "hair": "Long, thick, voluminous hair flowing past her shoulders, colored deep dark brown with a rich natural sheen. The hair is worn loose and sleek with soft natural movement, cascading elegantly down her back and framing her face in a regal manner.", "makeup": "Bold royal Egyptian glam with highly colorful eye makeup. Her eyes feature layered pigments of turquoise, sapphire blue, emerald green, and molten gold, enhanced with dramatic black ink-style Egyptian eyeliner extending boldly beyond the outer corners in graphic, calligraphic strokes. Metallic accents and micro-shimmer highlight the inner corners. Skin remains warm, glowing, and luminous with sculpted bronze contours, peachy blush, and radiant highlights. Brows are full, strong, and queenly. Lips are soft nude-peach with a glossy, luminous finish to balance the intense eye look.", "attire": "An ultra-luxurious, sexy Cleopatra couture gown in pure luminous white. The gown is body-hugging through the bodice and hips, featuring a plunging deep neckline adorned with gold filigree, crystal embellishments, and sacred Egyptian symbols. 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