Japan ranks 7-Eleven owner core industry, complicating takeover [Video]

The Japanese finance ministry on Friday designated the parent company of 7-Eleven a “core” industry in a move that could make a takeover by Canadian rival Couche-Tard more difficult.

Other entities rated “core” in Japan include manufacturers in the nuclear, rare earths and chip industries, as well as cybersecurity and infrastructure operators.

Last week Seven & i — Japan’s biggest retailer, which owns the global 7-Eleven convenience store chain — rejected an initial buyout offer from Alimentation Couche-Tard (ACT).

The Japanese company said the proposal, which roughly matched its market value of around $40 billion, “grossly undervalues” its business and could face regulatory hurdles.

Such a purchase, mooted since August, would be the biggest ever foreign takeover of a Japanese firm.

In response ACT, which owns the Circle K chain, said on Sunday it would pursue the buyout and was “highly confident that we have sufficient capacity to finance the …