Circle K owner looks to acquire operator of 7-Eleven chain

A Canadian convenience store giant wants to buy the company that operates 7-Eleven.

Québec-based Alimentation Couche-Tard has submitted a preliminary proposal to take over Japan’s Seven & i Holdings.

Both companies confirmed the non-binding proposal in separate statements on Monday but did not offer any other details.

Officials said there is no guarantee at this point that any agreement or transaction will be reached.

Couche-Tard operates more than 16,000 stores across North America and Europe under the Couche-Tard and Circle K brands.