加國便利店收購七&i失敗 樂觀未來再戰市場

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加拿大Couche-Tard撤回460億美元收購日本Seven & i控股的提議

東京消息——加拿大便利店連鎖商Alimentation Couche-Tard（經營Circle K品牌）週四宣布，撤回對日本零售巨頭Seven & i Holdings的460億美元收購要約，原因是對方拒絕進行建設性溝通。若成功，這將成為日本史上最大規模的外國企業收購案。

Couche-Tard過去一年一直嘗試通過收購7-Eleven背後的Seven & i，打造全球便利店巨頭。據Dealogic數據，這宗交易是亞太地區有史以來最大規模的企業收購失敗案例。

Seven & i股價收市報2007.5日元，較收購價2600日元低23%，跌幅達9%；相反，Couche-Tard股價在早盤大幅上升17%至每股80.23加元。

Couche-Tard在致Seven & i董事會的信中表示：「Seven & i方面並無誠意或具建設性的溝通，與其公開聲明截然相反。反而，他們展開了刻意混淆視聽和拖延的策略，嚴重損害了Seven & i及其股東利益。」

Seven & i則在聲明中表示，雖然對Couche-Tard撤回收購感到失望，且不同意對方多項錯誤描述，但並不意外此結果。

獨立零售分析師中井明人指出：「目前是暫時停火狀態。」他認為若Seven & i將其北美業務上市，Couche-Tard或會再次出手收購；若不上市，整家公司仍有可能再次成為收購目標。

Couche-Tard重申不會採取敵意收購策略。CFRA Research分析師Arun Sundaram評論說：「這宗交易本來就難成，Couche-Tard將回到日常運作，並預期會繼續積極參與併購市場。美國便利店業成熟且分散，非常適合整合。」

Seven & i被視為日本企業對外國收購態度的試金石。此次撤回收購案發生於日本製鋼成功以149億美元收購美國鋼鐵公司後。

香港Maso Capital聯合創辦人Manoj Jain表示：「我們對Seven & i缺乏溝通意願非常失望，認為合併能帶來重大價值，並已向管理層及董事會表達此意見。」

自今年5月由首位外籍CEO Stephen Dacus接任後，Seven & i面對改善業績及獨立成長的巨大壓力。Seven & i回應稱：「我們將繼續推行獨立價值創造計劃。」

股東壓力與未來展望

Seven & i董事會面臨股東要求獨立發展的壓力，部分激進投資者曾敦促公司與外國買家展開對話。

晨星亞洲股票研究主管Lorraine Tan指出：「少數股東無疑感到失望，但關鍵是他們未來能否與董事會及管理層有效溝通。我對改變持懷疑態度，但至少管理層已開始制定方案提升股東價值。」

Couche-Tard今年10月曾將出價提高至約470億美元，並在3月表示若日本方合作並提供更多財務資料，願意繼續加價。按每股2600日元及現行匯率計算，整體交易估值約為460億美元。

為解決監管障礙，雙方曾合作制定出售部分門店的計劃。Couche-Tard本計劃與Seven & i創始的伊藤家族接洽，惟對方不願合作。雙方簽署了保密協議（NDA），但Couche-Tard稱允許的盡職調查規模與內容非常有限。

Couche-Tard曾提出收購Seven & i除日本外全部業務，以及日本40%業務，認為便利店在日本自然災害中扮演重要基礎設施角色。但表示若無Seven & i高層及特別委員會的真誠合作，無法推進合併。

Seven & i則建議將國際業務出售予Couche-Tard，換取後者的股份，但Couche-Tard認為此方案無法達到其提出的高溢價。

—

評論與啟示

這宗史無前例的460億美元收購案最終告吹，反映出日本企業文化與外國資本的深層矛盾。Seven & i作為日本零售業巨頭，其管理層的抗拒態度和拖延策略，凸顯出日本企業在面對外國併購時的保守和封閉心態。儘管外界普遍認為合併能帶來協同效應和股東價值提升，但本地管理層顯然擔憂喪失控制權，寧願冒股價下跌風險，也不願放手合作。

此外，這次事件亦暴露出跨國併購中信息透明度和溝通的重要性。Couche-Tard多次提出加價和讓步，試圖打破僵局，但缺乏實質對話導致雙方信任破裂。這提醒投資者，企業文化、溝通策略及政治因素往往是跨境併購成敗的關鍵。

從更宏觀角度看，Seven & i的獨立經營壓力背後是日本零售業面臨的結構性挑戰：人口老化、消費模式改變及數字化轉型壓力。即使有外國資本注入，若缺乏內部改革決心，企業難以突破瓶頸。未來，若Seven & i能正視外部競爭與內部改革需求，或會考慮分拆北美業務上市，成為Couche-Tard或其他外資的新目標。

總結來說，這起收購案不僅是企業間的交易失敗，更是對日本企業文化與全球資本市場融合挑戰的深刻反映。投資者和管理層需從中汲取教訓，思考如何在全球化浪潮中平衡本土利益與國際合作，才能在未來競爭中立於不敗之地。

以上文章由特價GPT API KEY所翻譯及撰寫。

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