(March 19): Seven & i Holdings Co signed a confidentiality pact with Alimentation Couche-Tard Inc, allowing the two companies to advance discussions on addressing antitrust concerns arising from the Canandian retailer’s takeover approach.

The non-disclosure agreement will pave the way for discussions around antitrust issues in the US, Seven & i said Wednesday, referring to the key point of contention that has held up takeover negotiations.

The move comes after a management buyout plan led by Seven & i’s founding Ito family to keep the company in Japanese control failed. That’s piled pressure on the retailer to engage with Couche-Tard, which first made the takeover approach in August.

The Japanese company also signed an NDA with possible buyers and it is limited to talks on the divestment of the company’s US stores and not the entire operation of Seven & i, a spokesperson said. The Nikkei newspaper reported about the pact earlier Wednesday.

Seven & i appointed a new chief executive officer Stephen Dacus earlier this month to overhaul the company’s business. It’s since agreed to sell its supermarkets and retail business for US$5.4 billion (RM23.9 billion) and announced a ¥2 trillion share buyback.

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