FirstFT: Japanese proprietor of 7-Eleven receives takeover method from Canadian rival

Good morning. At the moment we’re protecting:

• 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 method from Canadian comfort retailer rival Alimentation Couche-Tard, which controls the Circle Okay model.

Couche-Tard’s method to Seven & i Holdings follows greater than a 12 months of on-off talks between the 2 retailers and is the most important 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 mentioned 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 method is the primary to totally exploit latest modifications in M&A pointers to make it more durable for Japanese firm managements to disregard unsolicited or undesirable affords.

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

Right here’s what else I’m protecting tabs on at this time:

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

• Financial coverage: The Folks’s Financial institution of China makes its mortgage prime fee 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 will probably be capped off with a speech from President Joe Biden (Monday night native time).

Thanks for studying FirstFT. Do you’ve burning questions in regards to the information, or something you’ve wished to ask an FT reporter? Electronic mail [email protected] or hit ‘Reply’ together with your questions, and keep in mind to incorporate your identify. We’ll reply as many as doable 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 overseas’s inventory market, threatening to make 2024 the primary 12 months of fairness outflows. The transfer is not the primary time Beijing has restricted entry to information that may very well 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 move information reveals.

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 in regards to the newest flare-up, which comes regardless of a détente between the perimeters 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 unhealthy climate. Among the many passengers on Lynch’s 56-metre yacht had been members of his authorized workforce and their households, who had been invited on the journey to have a good time the previous Autonomy chief government’s latest authorized victory.

4. The US mentioned 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 below fireplace from politicians throughout the political spectrum after it emerged that finance minister Christian Lindner has written to colleagues to veto new navy support for Ukraine. Right here’s what the letter mentioned.

The Large Learn

US Democrats meet at this time for his or her celebration’s conference after quickly rallying round a brand new presidential candidate. To this point, 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 looking 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 top of the federal government’s ambition to censor on-line content material, writes Nik Sunil Williams.

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

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

Chart of the day

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

Take a break from the information

The longlist for the FT and Schroders Business Ebook of the Yr is right here. We filtered and reviewed greater than 600 entries to convey you this listing of 16 vying to be judged the “most compelling and enjoyable” enterprise guide 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 operating.

Extra contributions from David Hindley and Tee Zhuo