Japanese proprietor of 7-Eleven receives takeover strategy from Canadian rival

Good morning. As we speak we’re overlaying:

• Beijing’s newest restrictions on funding information

• The hurdles forward for Kamala Harris

• The western airways slashing flights to China

However we begin in Tokyo, the place the Japanese proprietor of 7-Eleven has obtained a takeover strategy from Canadian comfort retailer rival Alimentation Couche-Tard, which controls the Circle Okay model.

Couche-Tard’s strategy to Seven & i Holdings follows greater than a 12 months of on-off talks between the 2 retailers and is the largest foreign-led takeover try to focus on a Japanese firm.

Seven & i’s shares rose 22 per cent yesterday, pushing the market capitalisation of the corporate to $38bn.

In a press release, Seven & i stated it had arrange a particular committee of non-executive board administrators to look at the proposal from Couche-Tard, which seeks to accumulate all its excellent shares.

The strategy is the primary to totally exploit latest adjustments in M&A tips to make it tougher for Japanese firm managements to disregard unsolicited or undesirable presents.

Seven & i has for some months been working to fortify itself in opposition to what it noticed because the rising risk of a foreign-led acquisition, in line with a number of folks aware of the matter. David Keohane and Leo Lewis have extra particulars.

Right here’s what else I’m maintaining tabs on right now:

• Financial information: Hong Kong publishes its shopper worth index for July.

• Financial coverage: The Individuals’s Financial institution of China makes its mortgage prime charge announcement and Australia’s central financial institution launch the minutes of its August coverage assembly.

• US presidential election: The primary day of the Democratic Nationwide Conference might be capped off with a speech from President Joe Biden (Monday night native time).

Thanks for studying FirstFT. Do you’ve gotten burning questions concerning the information, or something you’ve wished to ask an FT reporter? E mail [email protected] or hit ‘Reply’ along with your questions, and keep in mind to incorporate your identify. We’ll reply as many as attainable in a particular weekend version of the publication.

5 extra high tales

1. Chinese language authorities have restricted a key supply of knowledge on inward funding as international funds proceed to tug cash in another country’s inventory market, threatening to make 2024 the primary 12 months of fairness outflows. The transfer is just not the primary time Beijing has restricted entry to information that might be interpreted negatively.

• Markets information: Traders who slashed their fairness publicity throughout a bout of market volatility in early August sharply elevated their holdings as international shares rebounded final week, Deutsche Financial institution circulate information exhibits.

2. China and the Philippines traded accusations of ramming every others’ ships within the disputed South China Sea yesterday. Right here’s what we all know concerning the newest flare-up, which comes regardless of a détente between the edges final month.

3. Mike Lynch, one of many UK’s best-known tech entrepreneurs, is amongst these lacking after a luxurious yacht sank off the coast of Sicily in dangerous climate. Among the many passengers on Lynch’s 56-metre yacht had been members of his authorized staff and their households, who had been invited on the journey to rejoice the previous Autonomy chief govt’s latest courtroom victory.

4. The US stated it had made progress in direction of a Gaza ceasefire-for-hostages deal yesterday, saying Benjamin Netanyahu had accepted a “bridging proposal” that aimed to resolve variations between Israel and Hamas.

5. The German authorities is beneath fireplace from politicians throughout the political spectrum after it emerged that finance minister Christian Lindner has written to colleagues to veto new army assist for Ukraine. Right here’s what the letter stated.

The Massive Learn

US Democrats meet right now for his or her occasion’s conference after quickly rallying round a brand new presidential candidate. Up to now, their wager on Kamala Harris appears to have labored. The vice-president has caught up with Donald Trump, eclipsing the Republican nominee in some polls and raking in contributions from donors. However the second part of her marketing campaign is about to start and the hurdles are far greater.

Within the newest version of our US Election Countdown publication, the FT’s reporters talk about what they’re searching for as they cowl tonight’s DNC on the bottom in Chicago. Join the publication right here.

We’re additionally studying . . . 

• India’s broadcasting invoice: The withdrawal of the laws final week doesn’t mark the tip of the federal government’s ambition to censor on-line content material, writes Nik Sunil Williams.

• Asia’s ageing inhabitants: Better funding in healthcare can contribute to a “silver dividend”, writes Albert Park, chief economist of the Asian Improvement Financial institution.

• Advert large: The world’s largest retailer Walmart has constructed a large promoting enterprise, placing it in competitors with conventional media corporations for advertising {dollars}.

Chart of the day

Western airways are slashing flights to China as a mix of low demand and the excessive value of flying round Russian airspace saps their means to compete with native carriers.

Take a break from the information

The longlist for the FT and Schroders Enterprise Ebook of the 12 months is right here. We reviewed greater than 600 entries to convey you this record of 16 vying to be judged the “most compelling and pleasant” enterprise ebook of 2024. From Donald Trump’s funds and Invoice Gates’s affect to the challenges of AI, listed below are the titles nonetheless within the working.

Extra contributions from David Hindley and Tee Zhuo