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Seven & i Calls Off $22B Buy

 |  March 5, 2020

Seven & i Holdings Co. scrapped plans to acquire Marathon Petroleum Corp.’s Speedway gas stations for $22 billion, according to people familiar with the matter, ending a deal that would have been among the world’s biggest this year.

The outbreak of the novel coronavirus was one of the factors that impacted negotiations in the exclusive phase, said one of the people, who asked not to be identified as the information is private. Seven & i decided not to proceed with the transaction on concerns over valuations, the person said.

Shares of Seven & i jumped as much as 6.9% in early trading in Tokyo on Friday. On Feb. 20, the stock slumped to mark its biggest decline since 2011 after Bloomberg News reported the company was in exclusive talks to acquire Speedway and lining up financing for the potential transaction. The firm said in a filing that day that it’s considering various possibilities including partnerships and acquisitions for its new growth strategy. Marathon Petroleum shares fell 10% in New York.

Full Content: Bloomberg

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