Alimentation Couche-Tard has backed away from a bid to buy the parent company of Japanese convenience store giant 7-Eleven.

Alimentation Couche-Tard’s $47 billion bid spurred changes at the chain’s Japanese owner. Now, the question is whether that momentum will carry forward.

Canadian retailer Alimentation Couche-Tard withdrew its $47-billion takeover offer for Japan's Seven & i Holdings, blaming a lack of constructive engagement by the Japanese retailer.The deal for the operator of 7-Eleven "konbini" stores would have been the biggest foreign buyout of a Japanese company.H

Canadian retailer Alimentation Couche-Tard said today it was withdrawing its $47 billion takeover bid for Seven & i Holdings, citing a lack of “constructive” engagement with the Japanese company’s founding Ito family.

Canadian retailer Alimentation Couche-Tard said on Wednesday it was withdrawing its $47 billion takeover bid for Japan's Seven & i Holdings, citing a lack of "constructive" engagement.The move comes nearly a year after Couche-Tard, which owns Circle K convenience stores, first offered to purchase the 7-Eleven

Canadian retail chain Alimentation Couche-Tard is dropping its proposal to acquire Seven & i Holdings Co_, the Japanese operator of the 7-Eleven convenience store chain, citing frustration in ongoing negotiations that showed what it called “a lack of constructive engagement.”.