Laval, Que.-based Alimentation Couche-Tard, which owns the Circle K brand, said it sent a friendly, non-binding offer to buy all outstanding shares of Tokyo-based Seven & i Holdings, which owns 7-Eleven. The details of the bid were not disclosed. Seven & i said it has set up a committee to consider the proposal. (The Logic)

Talking point: If successful, Couche-Tard’s deal to acquire the owner of one of the world’s most recognizable brands would create a global retail powerhouse at nearly 54,000 stores, dwarfing the 10,569 owned by Walmart, based on the National Retail Federation’s rankings. It could also be the biggest-ever foreign takeover of a Japanese company, after the country revised its mergers and acquisitions guidelines to promote more deals. Couche-Tard has been on the M&A hunt after French officials rebuffed its offer to buy grocer Carrefour in 2021. It announced plans Monday to buy U.S.-based GetGo Café, citing its “outstanding food and loyalty programs.”