Japanese owner of 7-Eleven receives takeover approach from Canadian rival

Good morning. As we speak we’re masking:

• Beijing’s newest restrictions on funding knowledge

• 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 acquired 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 an announcement, 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 amass all its excellent shares.

The method is the primary to totally exploit current 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 towards what it noticed because the rising menace of a foreign-led acquisition, in line with a number of individuals aware of the matter. David Keohane and Leo Lewis have more details.

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

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

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

Thanks for studying FirstFT. Do you have got burning questions in regards to the information, or something you’ve needed to ask an FT reporter? E mail firstft@ft.com or hit ‘Reply’ along with your questions, and keep in mind to incorporate your identify. We’ll reply as many as potential in a particular weekend version of the e-newsletter.

5 extra high tales

1. Chinese language authorities have restricted a key supply of knowledge on inward funding as world funds proceed to tug cash in a foreign country’s inventory market, threatening to make 2024 the primary 12 months of fairness outflows. The transfer is not the first time Beijing has restricted access to data that could possibly be interpreted negatively.

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

2. China and the Philippines traded accusations of ramming every others’ ships within the disputed South China Sea yesterday. Here’s what we know about the latest 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 bad weather. Among the many passengers on Lynch’s 56-metre yacht had been members of his authorized crew and their households, who had been invited on the journey to have fun the previous Autonomy chief government’s current courtroom 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 underneath fireplace from politicians throughout the political spectrum after it emerged that finance minister Christian Lindner has written to colleagues to veto new navy help for Ukraine. Here’s what the letter said.

The Massive Learn

US Democrats meet immediately 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 bigger.

Within the latest edition of our US Election Countdown e-newsletter, the FT’s reporters focus on what they’re looking for as they cowl tonight’s DNC on the bottom in Chicago. Join the e-newsletter 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 online content, writes Nik Sunil Williams.

• Asia’s ageing inhabitants: Higher 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 greatest retailer Walmart has constructed a massive advertising business, placing it in competitors with conventional media corporations for advertising {dollars}.

Chart of the day

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

Take a break from the information

The longlist for the FT and Schroders Enterprise Guide of the Yr is right here. We reviewed greater than 600 entries to convey you this listing of 16 vying to be judged the “most compelling and satisfying” enterprise ebook of 2024. From Donald Trump’s funds and Invoice Gates’s affect to the challenges of AI, here are the titles still in the running.

Further contributions from David Hindley and Tee Zhuo