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Seven & i considering releasing management buyout, Nikkei and Bloomberg state

Japan's Seven & & i Holdings is thinking about introducing a management buyout that would see the seller go private, the Nikkei paper and Bloomberg News reported on Wednesday, a deal that might be worth up to 9 trillion yen ($ 58.2 billion).

7 & & i faces a takeover bid from Canada's Alimentation Couche-Tard and has been under pressure to increase business worth.

Going private would therefore allow the company to continue under its existing management and get rid of the pressure from shareholders to sell more of its possessions - as well as eliminate the danger of a Canadian takeover.

7 & & i has actually currently started sounding about banks for funding the buyout, the Nikkei stated. 7 & & i's establishing Ito household and trading house Itochu might likewise take part in the acquisition, Bloomberg News stated independently.

The deal might be worth around 9 trillion yen, Bloomberg said.

A Seven & & i spokesperson stated the details was not anything launched by the company.

(source: Reuters)